Maker price drops in response to massive whale transfers, MKR price wipes recent gains

Maker noted a spike in whale transactions greater than $100,000, coinciding with rising supply on exchanges.

MKR price is likely headed toward a further decline with rising transaction volume and whale activity.blockchain, has witnessed a sharp increase in whale transaction activity over the weekend. There are several factors likely driving this increase in large volume transfers in MKR.holdings as the protocol considers moving to Solana or a native blockchain. The controversy surrounding MakerDAO, coupled with bearish on-chain metrics, is likely driving the asset’s price lower.

Whale transaction count is a metric that measures the volume of transfers valued at $100,000 or higher. Combined with the impact on the asset’s price, this metric fuels a bullish or bearish narrative. When a large number of whale transfers are followed by price decline, it implies whales likely transferred their holdings to centralized exchanges to book profits.price wiped out its gains over the weekend. Another key on-chain metric is the supply on exchanges.

Source: Digital Coin News (digitalcoinnews.net)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

MKR price falls 5% as Ethereum’s Vitalik Buterin liquidates his entire MakerDAO portfolioSolana (SOL) blockchain could offer NewChain a future, according to the CEO of MakerDAO, Rune Christensen. Also Read: Solana price could move 10% nort
Source: FXStreetNews - 🏆 14. / 72 Read more »

Ethereum Founder Vitalik Buterin Makes Mystery Move With Large ETH TransferAccording to blockchain monitoring platform Spot On Chain, Buterin transferred 999 Ether ($1.63 million) between recognized Ethereum addresses and liquidated 500 Maker (MKR) tokens valued at around $580,000
Source: Utoday_en - 🏆 295. / 63 Read more »

Bitcoin flatlines again but TON, LINK, MKR, XTZ are poised for up-moveBitcoin remains stuck in a range but TON, LINK, MKR, and XTZ are trying to start an up-move.
Source: Cointelegraph - 🏆 562. / 51 Read more »

ETH Broke Crucial Support, Here's the Next Target (Ethereum Price Analysis)Ethereum's recent market performance has seen an unexpected and sharp rejection from the $1.8K resistance level, triggering a significant downward trend
Source: Crypto_Potato - 🏆 568. / 51 Read more »

Cryptocurrencies Price Prediction: Shiba Inu, Maker & Solana — Asian Wrap 04 SeptemberShiba Inu (SHIB) price has been on a downtrend since late August, recording lower lows as the bears took the driver’s seat. However, with the advent o
Source: FXStreetNews - 🏆 14. / 72 Read more »

A brief history of EthereumFrom its humble beginnings to its current status as a leading cryptocurrency, here's a rundown of Ethereum's journey.
Source: TheBlock__ - 🏆 464. / 53 Read more »