Amid Signs of Recovery in the Broader Crypto Market, Whales Are Accumulating Maker (MKR) Tokens

Amidst signs of recovery in the broader crypto market, Maker (MKR) seems to be drawing interest from investors following its ongoing correction mood.

Amid signs of recovery in the broader crypto market, Maker (MKR) seems to be drawing interest from investors following its ongoing correction mood.

Crypto whales buying 4,234 MKR tokens

According to data reported by Lookonchain today, crypto whales are accumulating Maker in huge quantities.

As per data, a whale “0xB4eA” purchased 3,334 MKR tokens worth $4.89 million from DEX and Binance in the past two days.

Also, today, a whale created a new wallet “0x1d1d” and withdrew 900 MKR tokens valued at $1.33 million from Binance.

Whales are buying $MKR.Whale "0xB4eA" bought 3,334 $MKR($4.89M) from DEX and #Binance in the past 2 days.A newly created wallet "0x1d1d" withdrew 900 $MKR($1.33M) from #Binance 1 hour ago.Address:0xB4eA0cfcF2cfB1798aC46A61d49dAFD0328adc64… pic.twitter.com/PfE4WnyJye

The ongoing decreased price of MKR (currently standing at $1,472) appears to have attracted whales to acquire the tokens at a discount. This surge of mass buying signals rising interest from big crypto holders, suggesting a bullish outlook for MKR in the market.

MKR price updates

In the recent past, Maker has been seeing impressive market performance. Its price has been up by 31.9% and 46.8% over the past 30 days and two weeks ago respectively.

In the most recent days, the asset encountered slight declines. Its price has been down 1.0% and 7.5% in the past seven days and 24 hours ago respectively. This means the token’s price entered into a correction phase, which coincided with heightened volatility in the broader virtual currency market over the past week.

However, this consolidation phase appears to have attracted renewed buying interest from strategic investors. Currently, there is no overpowering selling pressure as the correction period shows that MKR could be preparing for a possible reversal. If the purchasing activity continues developing, MKR price may surge to the resistance zone at $1,630, showing a potential breakout to a bullish trend.

The current MKR price is backed by growing investor interest and constant purchases from whales. DEX traders and whales seem to be constantly buying the asset over recent days. This acquisition is notable as MKR’s trading volume surged by 43.59% over the past 24 hours, an indicator of a bullish sentiment.

Maker is currently in accumulation zone. The asset is attracting purchasing activity from crypto holders who are positioning themselves for a potential price rise. As the buying pressure piles up, this would help overturn the consolidation trend into an upward momentum for Maker in the short-term.