Maker (MKR), the Ethereum blockchain-based smart contract platform token, is experiencing a notable uptrend, particularly resonating with South African cryptocurrency investors and enthusiasts. January 2024 has seen an increase in MKR being accumulated by large wallet addresses, indicating a growing interest in this token within the region.
As large volumes of tokens are withdrawn from exchanges, this typically leads to a price increase due to reduced selling pressure. In the case of MKR, this pattern is evident. On-chain data from Lookonchain reveals that ten wallets have acquired 32,759 MKR tokens, valued at approximately $66.66 million (or about R1.24 billion at current exchange rates). This represents 3.55% of MKR’s circulating supply. Correspondingly, MKR’s price rallied by nearly 60% in the same timeframe.
This accumulation trend among large wallet addresses has significantly impacted MKR’s supply on exchange platforms. The Santiment chart shows a notable decline in MKR available on exchanges, reaching its lowest level since September 5, 2023. Currently, only 7.55% of MKR’s total supply is on exchange platforms, a decrease from 10.68% in September.
As of now, the price of MKR on Binance stands at $2,072 (approximately R38,663.52). This price point marks a near-2% gain on the day and over 18% weekly gains for MKR holders. The upward trajectory of Maker’s price is supported by an increase in whale transactions, dwindling exchange reserves, and outflows of the MKR token.
For South African investors and cryptocurrency enthusiasts, the Maker token’s performance is an important indicator of the dynamics within the broader altcoin market. MKR’s rally and whale activity suggest a robust interest in decentralized finance (DeFi) platforms and their associated tokens, reflecting a positive sentiment in the market. This trend is particularly significant for the growing DeFi sector in South Africa, where investors are increasingly exploring alternatives to traditional finance and banking systems
This website uses cookies.
