It has been discovered that Arca, an investment firm offering corporate-level products in the digital asset sector, has invested in Maker’s (MKR) token. According to on-chain data, the company invested approximately $25 million in the altcoin. With this investment by Arca, investors have turned their attention to Maker‘s MKR token.
Arca’s Investment in Maker
On-chain data provider Spot On Chain reported that Arca purchased 12,085 MKR tokens worth $24.63 million. According to the data, on January 14th, Arca transferred approximately $24.7 million worth of Ethereum (ETH) from one of its wallet addresses to the US-based cryptocurrency exchange Coinbase, and today it sold those ETH to buy 12,085 MKR tokens.
Following Arca’s investment in Maker, some market observers have drawn attention to the decentralized finance (DeFi) protocol operating on the Ethereum Blockchain. Leading DeFi researcher Thor Hartvigsen emphasized that significant developments are expected in Maker this year, underlining that Arca’s investment is highly strategic.
Hartvigsen pointed to developments expected in Maker this year, such as a new and unified brand, token revaluation, artificial intelligence integrated into DAO governance, and subDAO token farming.
Current Status of MKR
According to current data, MKR is trading at $2,033, down 1.49% in the last 24 hours. The data indicates a very positive outlook, with the altcoin’s price having risen 12.43% in the last 7 days and 53.81% in the last 30 days. MKR is currently the 44th largest altcoin with a market value of $1.87 billion.
According to CoinMarketCap’s data, MKR’s all-time high (ATH) was recorded at $6,339 on May 4, 2021. With the current price levels, MKR’s price is trading 67.87% below its ATH, indicating a long way to go for a new record high.
Market observers anticipate that if the developments highlighted by Hartvigsen are successfully implemented and the overall market recovery continues, the altcoin’s price could set new records.
