Whales Continuously Accumulate MakerDAO Tokens In An Aggressive Price Increase

According to data from Spot On Chain, a notable whale identified as “0x432” executed a swap of 1,100 ETH for 1,535 MKR, averaging $1,146 per MKR over the past two days. This transaction resulted in a floating gain of $27.8K for the whale.

It’s worth noting that this particular whale had previously earned $4.02 million from investments in LDO and MATIC in late 2022 and early 2023 but has recently incurred a total loss of $1.98 million from investments in ARB, MAGIC, and RDNT in September alone.

As the decentralized finance (DeFi) sector confronts existential challenges, MakerDAO is taking proactive steps to maintain DeFi’s permissionless nature. The initial phase of its “Endgame” strategy is set to commence in early 2024.

MKR, an Ethereum ERC-20 token, serves as the native governance token for the Maker platform. Its price fluctuates compared to DAI, with the choice of currency to which DAI is pegged being adapted by the DAO. MKR stands out as the largest token in the decentralized borrowing and lending platform sector.

Currently trading at approximately $1,177, MKR’s 5% gain on the day suggests a bullish outlook for the token.