Whale Dumps Massive Bags of MKR Coins, Raising Concerns Among Crypto Enthusiasts

A whale has deposited $5.02M worth of MKR tokens into Binance, facing a loss of $1.3M. They withdrew these MKR from OKX 6 months ago when it was worth $6.3M.

A recent whale move has sparked concerns among crypto enthusiasts worldwide. According to data shared by On-chain Lens on Monday, a whale deposited 2,561 Maker (MKR) tokens into Binance, a move that resulted in a loss of $1.3 million.

The trader had reportedly withdrawn these MKR tokens from OKX six months ago, with an investment of $6.3 million. The recent sale also comes after the trader deposited Lido DAO (LDO) tokens previously, facing a loss of $120,000.

Whale deposits 2,561 $MKR into Binance, facing a loss of $1.3M. They withdrew these $MKR from OKX 6 months ago when it was worth $6.3M. Previously, they deposited $LDO and faced a loss of around $120K.

Wallet:今朝, 一只鲸鱼向币安存入了 2,561 枚 MKR，亏损了 130 万美元。这只鲸鱼在 6 个月前从欧易 OKX 提出了这些 MKR，当时价值 630 万美元。此前，他们还存入了 LDO，亏损了大约 120,000 美元。

地址：https://t.co/000e0RwY0J pic.twitter.com/hCoJrcND8w

Mass liquidations in the market

The whale's liquidation could be driven by panic among investors or intentions to take profits, as the market experiences chaos amid massive sell-offs. The trader's action sparked pessimism among market participants regarding Maker's future price.

Traders are facing challenges due to market volatility, following Bitcoin's surge to a new all-time high of $106,000 on Monday morning. This price appreciation triggered widespread crypto liquidations, amounting to $320 million in the past 24 hours.

High-leverage traders failed to meet margin calls, leading to a chain of forced sales, as indicated by the data.

According to the latest data from CoinGlass, the majority of liquidations yesterday were initiated by short traders who anticipated a decline in the prices of crypto assets such as BTC, ETH, XPR, DOGE, PEPE, MKR, and others. The data revealed that 94,559 traders lost about $196.41 million as the market moved in the opposite direction, countering their expectations.

What's next for Maker?

The price of MKR is currently at $1,918.29, showing a 0.9% increase over yesterday. The asset has seen a 6.70% decrease in the past seven days, indicating a performance below the global digital asset market, which is up 6.60% at the moment.

However, MKR has risen by 32.8% in the last 30 days, displaying a strong recovery. It climbed from a low of $1,000 in October to a high of $2,080 on November 25, and it now hovers around $1,918.29.

While Maker is currently continuing its bullish momentum, it is undergoing a price correction, like other cryptocurrencies. In the meantime, the asset is showing signs of further upswing. A sustained move above $1,693 is crucial to maintain its ongoing bullish trend. A fallback below $1,408 could push the token toward a bearish trend.

Maker DAO underwent a rebranding process in August, with the platform renaming itself Sky. However, this change did not have a significant impact on MKR prices. The token's values remained down since then and only revived in November following Donald Trump's election as US president.