MakerDAO Address Deposits $3.85 Million in MKR on Binance

IconCryptoNewsTerminal Staff22 Jul, 2024

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MakerDAO Address Deposits $3.85 Million in MKR on Binance

MakerDAO-related address deposited $3.85 million MKR on Binance 47 minutes ago, according to blockchain analytics firm Lookonchain. The address also deposited 2,500 MKR (then worth $7 million) to Binance on the 20th. The address currently holds 3,776 MKR (worth $10.4 million). The reason for the deposit is unknown, but it could be related to the recent increase in the price of MKR. MKR has risen by over 20% in the past week, and it is currently trading at around $2,750. It is important to note that this is not the first time that a MakerDAO-related address has deposited a large amount of MKR on Binance. In fact, this same address has deposited over $10 million worth of MKR on Binance in the past month. The implications of this deposit are unclear. However, it is worth noting that Binance is the largest cryptocurrency exchange in the world. This means that the deposit could increase the liquidity of MKR and make it easier for people to buy and sell the token.

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