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- MakerDAO developers are reportedly sending large amounts of MKR coins to centralized cryptocurrency exchanges.
- According to Spot On Chain, a multi-signature wallet believed to belong to MakerDAO sent 750 MKR to Binance today, with a total value of $2.19 million.
- This wallet has deposited a total of $31.2 million worth of 11,993 MKR to crypto exchanges since March 18, 2024, with an average unit value of $3,184.
MakerDAO developers are transferring significant amounts of MKR coins to centralized exchanges, a move that has sparked speculation and intrigue in the crypto community.
Large MKR Transfers to Binance
Spot On Chain reported that a multi-signature wallet, believed to be owned by MakerDAO, sent 750 MKR to the Binance exchange today. With each MKR valued at $2,920, the total value of the transaction amounted to $2.19 million. This is not the first time such a transaction has occurred. Since March 18, 2024, this wallet has deposited a total of $31.2 million worth of 11,993 MKR to various crypto exchanges.
Impact on MKR Price
Interestingly, the MKR price generally starts to decline after these transactions. This correlation has been observed multiple times, leading to speculation about the potential impact of these large transfers on the market dynamics of MKR. However, it is important to note that correlation does not imply causation, and other market factors could also be influencing the MKR price.
Remaining MKR in MakerDAO Wallet
Despite these large transfers, the MakerDAO wallet still holds a substantial amount of MKR. As of now, there are 18,978 MKR left in the wallet, valued at $55.2 million. According to TradingView data, MKR has lost 2.16% of its value on a daily basis.
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Conclusion
The large transfers of MKR from the MakerDAO wallet to centralized exchanges have raised eyebrows in the crypto community. While the impact of these transfers on the MKR price remains a topic of debate, it is clear that the MakerDAO wallet still holds a significant amount of MKR. As the crypto market continues to evolve, these developments will be closely watched by investors and enthusiasts alike.
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