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The altcoin market saw a sharp decline following Bitcoin‘s (BTC) price retracting to as low as $40,500 in the early hours of the day. This drop forced especially over-leveraged investors out of the market, providing a buying opportunity for spot investors. Crypto whale forknounnoworlose36eth.eth capitalized on this recent drop as a buying opportunity, purchasing over $1 million worth of Maker (MKR).
Crypto Whale Accumulating Large Amounts of MKR
On-chain data platform Spot On Chain reported that the crypto whale, formerly known as blurr.eth and now as forknounnoworlose36eth.eth, bought hundreds of MKR tokens at an average price of $1,345, in exchange for $1.14 million worth of Dai (DAI) stablecoin within the last two hours.
On-chain data provided by Spot On Chain shows that the crypto whale purchased 2,721 MKR tokens at an average price of $1,411, in exchange for $3.84 million worth of DAI in the last four days. This indicates that the crypto whale anticipates a significant surge and treats corrections or pullbacks as buying opportunities.
The Current Status of Maker Protocol’s MKR Price
MKR, the governance token of MakerDAO and Maker Protocol that allows users to mint and manage the DAI stablecoin, is currently trading at $1,346, reflecting a 5.10% decrease in the last 24 hours according to the latest data.
Data from the crypto data and price platform CoinMarketCap reveals that MKR’s price has dropped by 10.92% in the last seven days, but increased by 4.04% in the last 30 days. Moreover, the altcoin’s price has seen a rise of 163.57% since the beginning of the year.
Currently, MKR’s price is below the crypto whale’s average purchase price. This suggests that the crypto whale may be planning to make new purchases or buy more at these levels to lower the average purchase price.
