MakerDAO-Linked Address Deposits $16M in MKR to Binance Over Three Days

IconCryptoNewsTerminal Staff17 Jul, 2024

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MakerDAO-Linked Address Deposits $16M in MKR to Binance Over Three Days

On-chain data analytics provider Lookonchain has reported substantial activity involving a MakerDAO (MKR) related address. Over the past three days, this address has transferred 5,750 MKR (approximately $16.76 million) to Binance. The address has been actively selling MKR since April 24th (UTC). Despite these significant withdrawals, the address still holds a substantial amount of MKR, currently sitting at 8,905 MKR (valued at approximately $26 million). The reasons behind these transactions remain unclear, and market observers are closely monitoring the situation for any potential impact on MKR's price. This news follows a period of volatility for MKR, which has seen its price fluctuate significantly in recent weeks. MKR is the governance token of the MakerDAO platform, a decentralized lending protocol that allows users to borrow cryptocurrencies against collateral.

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