A crypto multisign wallet has recently executed substantial sales of Maker (MKR). On-chain data reveals that the wallet deposited **750 MKR ($2.19 million)** into Binance via an intermediary wallet at $2,920 per token. This transaction is part of a larger trend that has captured market attention.
Key Transactions and Market Impact
- Total Sales: 11,993 MKR ($31.18 million) deposited since March 18, 2024, averaging $3,184 per token.
Major Transfers:
- 9,043 MKR ($29.75 million) moved from Wintermute Trading OTC to Binance, Coinbase, and Kraken.
- 2,950 MKR ($8.43 million) directly sent to Binance over 11 days.
Despite these sales, the wallet retains 18,978 MKR ($60+ million).
Price Trends and Technical Analysis
- MKR dipped 28% from April highs but shows signs of reversal.
- A bullish cup and handle pattern suggests a potential 14% rise to $3,327 if the neckline breaks.
- Support may form around $2,700 if upward momentum falters.
👉 Explore real-time MKR price trends
MakerDAO’s Token Expansion Plan
MakerDAO announced two new tokens:
- NewStable (NST): An upgraded Dai with enhanced stability features.
- NewGovToken (NGT): A governance token allowing MKR holders to convert 1 MKR → 24,000 NGT.
"These tokens expand options without replacing DAI or MKR. Users can transition voluntarily."
— MakerDAO
FAQ Section
Q: Why did the multisign wallet sell MKR?
A: Likely to capitalize on market highs or rebalance portfolios, given the strategic timing before price drops.
Q: How does NGT differ from MKR?
A: NGT offers a more granular governance model, incentivizing broader participation with higher token allocations per MKR.
Q: What’s the outlook for MKR’s price?
A: Technical indicators hint at a short-term rebound, but market sentiment and multisign wallet activity remain critical factors.
👉 Dive deeper into decentralized governance tokens
Disclaimer: This analysis is for informational purposes only. Conduct independent research before making financial decisions.