Maker prices react as whales go on a buying spree
- MKR was up by more than 1.3% in the last 24 hours.
- Whales kept stockpiling MKR, but market indicators were bearish
Maker [MKR] had a rough week as its price dropped, sparking fear among investors. However, while the token’s price dropped, whales tapped the opportunity to buy more tokens, which caused MKR’s price to move up.
Realistic or not, here’s MKR market cap in BTC terms
Maker whales are stockpiling
According to CoinMarketCap, MKR’s price dropped by more than 3% over the last seven days, which caused investors to bear losses. But many saw this as an opportunity to increase their accumulation in hope for a price uptrend in the days to follow.
In fact, Lookonchain’s recent tweet revealed that a whale withdrew 840 MKR worth over $1.17 million from Binance.
— Lookonchain (@lookonchain) October 11, 2023
Soon after this transaction, MKR’s price registered an uptick of nearly 1.7%, turning its daily chart green. The whale had earlier withdrawn 1,457 MKR, which was worth over $1.6 million at the time, from Binance on 25 July 2023.
As of press time, MKR was up by more than 1.3% in the last 24 hours. Maker also had a value of $1,399.60 with a market capitalization of over $1.3 billion.
It appeared that several whales were buying MKR, which was evident from the rise in its whale transaction count along with a similar hike in supply held by top addresses over the last week.
However, it was interesting to note that while whales increased accumulation, MKR’s Supply on Exchanges and Supply outside of Exchanges remained pretty flat throughout the last week.
If metrics are true, then market sentiment around the token also turned positive. As per LunarCrush, Maker’s social mentions surged in the last week.
This happened while its bullish sentiment went up by over 14%. Additionally, another bullish indicator was MKR’s Altrank, which improved last week.
Read Maker’s [MKR] Price Prediction 2023-24
What next for Maker
Though a few of the metrics were bullish, most market indicators supported the sellers. For example, the Money Flow Index (MFI) registered a steep downtick.
The Relative Strength Index (RSI) was hovering near the neutral mark of 50. Additionally, Maker’s MACD displayed a bearish advantage in the market. Nonetheless, the Chaikin Money Flow (CMF) remained bullish as it went up over the last few days.