MakerDAO Co-Founder Cashes Out, Sends MKR Wobbling After $4.5 Million Sell
Despite starting the year strong, MKR has encountered a choppy path in recent weeks, leaving investors with a mixed bag of signals to decipher.
While the decentralized finance (DeFi) leader has maintained its position above key support levels, concerns have emerged surrounding a prominent wallet’s sizeable token sale and a declining trading volume.
Maker Resilience Faces Uncertain Shadows On the bright side, Maker has demonstrated resilience amidst broader market downturns.
After a notable surge on January 24th, the token has held its ground, defying predictions of a deeper correction.
This steadfastness has fueled optimism among some analysts, who predict a continued upward trajectory for MKR throughout 2024.
Related Reading: Solana Breakout Looms – Will SOL Retake $100 Before Start Of February? However, a recent development has cast a shadow of uncertainty.
Data from on-chain analytics firm Spot on Chain revealed that a well-known wallet, reportedly associated with a MakerDAO co-founder, unloaded a hefty 2,235 MKR over the past two days.
This translates to a staggering $4.5 million at press time, sparking fears of a potential “whale dump” that could trigger a price slump.
Wallet 0xa58 (linked to @RuneKek, #MakerDAO cofounder) has sold 2,235 $MKR for 4.542M $DAI at $2,032 on average in the past 2 days.
Currently, the wallet still holds 2,430 $MKR ($4.92M), and may keep selling.
The $MKR price has been down ~3.39% (2D), since the first sale.
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