An early crypto whale that had been asleep for years has now abruptly sprung to life to initiate its first move.
An early cryptocurrency holder and a dormant whale have resurfaced after three years, according to on-chain statistics, to deposit an incredible 1,602 MKR, or almost $2.86 million, into the Binance cryptocurrency market.
https://x.com/spotonchain/status/1744349375575523540?s=20
The native cryptocurrency of MakerDAO, a decentralised lending and borrowing network powered by Ethereum, is called Maker (MKR). MKR holders have the capacity to participate in platform governance via voting on proposals and parameters that impact the operation and stability of the system. To maintain the peg of DAI, MakerDAO’s algorithmic stablecoin, MKR can also be created or burnt.
Assets deposited on an exchange typically signify a sale intention. In light of this, conjectures have been made regarding the whale’s (as of yet undetermined) goals. On-chain data provides further insight into the whale’s movements.
On March 28, 2018, the aforementioned whale had redeemed 11,082 MKR, approximately $6.53 million at the time, from the MakerDAO protocol. The whale then made a transfer of 4,602 MKR, or $18.57 million, to Coinbase and Binance on May 5, 2021, the day of the largest MKR pump, at an average price of $4,036.
The crypto whale still has 12,27 million MKR, or 6,877 MKR. Over the course of six years, the whale’s entire MKR ownership has increased by $24.3 million.
As of this writing, the MKR token had dropped 6.22 percent to $1735, reflecting the overall decline in the cryptocurrency market.
The cryptocurrency market is still reflective as it waits for the SEC to make a judgement about a Bitcoin spot ETF. Among the other companies that submitted updated S-1 petitions to the SEC were WisdomTree and Fidelity.
Crypto insiders have conjectured that the SEC may use the deadline of January 10th to make multiple announcements simultaneously about at least one of the applications.
