In a surprising development amid signs of market recovery, MakerDAO recently sold a large amount of MKR Governance Token through the intermediary wallet 0x1cc.
According to Spot Trading On Chain, since its resumption on March 18, 2024, MakerDAO's Multisign 0xbba wallet has continuously sent MKR Token to centralized exchanges (CEX). Most recently, the project sent 750 MKR worth 2.19 million USD to Binance at an Medium price of 2,920 USD.
In total, 11,993 MKR worth 31.18 million USD were sent to CEX at an Medium price of 3,184 USD. It is worth noting that these Token moved before the price drop , showing a strategic approach to managing market fluctuations.
Between March 18 and April 22, 9,043 MKR worth $29.75 million was transferred from Wintermute Trading OTC to various CEXs such as Binance , Coinbase , and Kraken. Additionally, 2,950 MKR worth 8.43 million USD were deposited directly into Binance via intermediate wallet 0x1cc in the past 11 days.
Despite these transactions, multisign still retained a volume of 18,978 MKR, worth over 60 million USD.
This flurry of activity coincides with the planned introduction of two new Token – NewStable (NST) and NewGovToken (NGT) . NST, an upgraded version of Dai , promises enhanced stability features for wider adoption. On the other hand, NGT represents an improved governance model that aims to promote broader participation and flexible decision-making within MakerDAO's ecosystem .
Dai hodlers can seamlessly upgrade to NST, while MKR hodlers can convert 1 MKR into 24,000 NGT, promoting broader participation in governance activities.
Despite recent market volatility that has seen MKR fall about 28% from its April high, there are still signs that a reversal is possible.
Technical analysis points to the formation of a bullish cup-with-handle pattern, with a break from the neckline likely to push the price up nearly 14% to $3,327. However, if this level fails, the next stop is the support level around $2,700.
MKR price chart. Source: TradingView
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Itadori
According to Beincrypto
