MakerDAO (MKR) Whales swim away as buyers lack interest
- Large-scale MKR holders have trimmed their holdings lately.
- Sentiment around the altcoin dwindled amid growing FUD.
- No wallet is trying to purchase MKR at discounted prices.
MakerDAO (MKR) faces large-scale selling activities after its co-founder made similar moves lately. Lookonchain revealed a substantial transaction, where a whale sold around 2,658 MKR coins at a $2,022 average price over the past four days.
MKR’s price reacted to the whale transactions with a more than 7% drop. Currently, the whale holds 2,007 coins worth $3.9 million.
The significant transfer follows a similar move by MKR co-founder, who dumped tokens worth approximately $4.5 million lately.
Meanwhile, the selling behavior by whales amid dwindled prices will likely influence MKR prices negatively.
Enthusiasts could consider MKR dumping by significant holders a signal for potential price dips in the upcoming sessions. The declined weighted sentiment supported this narrative, with social media users remaining pessimistic about the altcoin’s future. Furthermore, Maker recorded massive plunges in network growth.
That shows new wallets refrain from purchasing MKR despite discounted prices. Faded interest from bulls could further dump MKR’s price. Moreover, the coin traded with a dwindled velocity.
Nonetheless, developments in the overall crypto market remain crucial in determining MKR’s future price trajectory.
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