Whales accumulate MakerDAO’s MKR amid bullish forecasts

MakerDAO is among the most prominent protocols within the decentralized finance sector. The crypto project has attracted wealthy investors amid massive growth forecasts in the upcoming year. Lookonchain shows three fresh whales purchased MKR tokens consistently over the past week.

3 fresh whale wallets have accumulated $MKR in the past week.

They withdrew a total of 11,610 $MKR($18.6M) from #Binance.https://t.co/L5FUpo5zdjhttps://t.co/e3l7GgINuxhttps://t.co/hZtLcQBNfx pic.twitter.com/K2JOgxGdqf

— Lookonchain (@lookonchain) December 31, 2023

These investors scooped assets worth around $18.6 million (11,610 MakerDAO coins) from exchange Binance.

The whale actions have catalyzed speculation of potential effects on MKR price dynamics in the near term and the project’s longer-term success.

Meanwhile, evaluating broader network indicators revealed a subtler picture. MKR recorded surged volatility despite declining network growth, showing diminished attention from new investors.

Increased velocity amid significant transactions highlights amplified activity within the MKR ecosystem.

MKR price

The altcoin maintained a bullish outlook during this publication. MKR jumped 4.99% in the past 24 hours to hover at $1,590.58. It recorded upticks in the past seven days, around 12% on its weekly price chart.

MKR 7D Chart on Coinmarketcap

Flipping the value area at $1,566 into dependable support might catalyze massive price surges for MKR.

The increasing interest in MakerDAO likely drove the price trend. Market players are keenly watching the blockchain and its native MKR.

MakerDAO’s future

The project has attracted many due to its massive profitability potential in the upcoming year. As reported here, Messari’s latest crypto thesis report shows MakerDAO could yield $105 million in returns in 2024. That would see MKR prices soaring to new all-time peaks.

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