Massive MKR Exchange Inflows Indicate Potential Price volatility

IconCryptoNewsTerminal Staff29 Jul, 2024

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Massive MKR Exchange Inflows Indicate Potential Price volatility

Over the last 12 hours, on-chain analyst The Data Nerd observed significant $MKR inflows to several exchanges. Notably, 1409 $MKR ($3.85M) was deposited to Coinbase, while Binance received 500 $MKR ($1.35M). Additionally, Wintermute transferred 669 $MKR ($1.88M) to Binance's hot wallet. These large inflows suggest that holders may be preparing to sell their $MKR, which could potentially lead to a price decline. However, it's important to note that these inflows could also be for other purposes, such as providing liquidity to the exchanges. Traders and investors should closely monitor the situation and consider the potential impact on $MKR's price.

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