Whale Addresses Sell 2,356 MKR ($6.9 Million) in Recent Market Activity

IconCryptoNewsTerminal Staff23 May, 2024

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Whale Addresses Sell 2,356 MKR ($6.9 Million) in Recent Market Activity

In a significant market move, two whale addresses have recently sold a combined 2,356 MKR tokens, valued at approximately $6.9 million. According to blockchain analysis platform Lookonchain, these transactions occurred within the past 8 hours.
One notable whale address, beginning with "0xAdf5," acquired 1,075 MKR tokens between February 19th and February 27th at an average price of $1,819. Subsequently, within the last 3 hours, this address sold the entirety of its MKR holdings for an average price of $2,931, resulting in a substantial $1.2 million profit.
Another whale address, identified as "0xB47c," followed a similar pattern. This address purchased 1,281 MKR tokens on January 9th for an average price of $2,162. In the past 8 hours, the same address sold all of its MKR tokens for an average price of $2,946, securing a profit of approximately $1 million.
These substantial transactions have had a noticeable impact on the MKR market, highlighting the significant influence of large token holders on cryptocurrency price movements. It remains to be seen how the market will respond to these recent sales in the coming days and weeks.

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