The co-founder of MakerDAO, behind the popular altcoin MKR, has been making some notable trades lately. The coins that the co-founder bought and sold appeared. Here are the latest moves from the MakerDAO founder’s wallet…
MakerDAO founder focuses on these altcoin projects
MakerDAO founder is selling Lido DAO tokens according to the latest data. Amid the rise of cryptocurrency volatility, MakerDAO is buying tokens. According to reports, the co-founder sold about 18.8 million Lido DAO tokens for 27 million DAI, 7,553 MakerDAO tokens and 92 ETH for $4.67 million. The average selling price was set at $1.68. The co-founder then purchased 15,092 MakerDAO tokens using 4.44 million DAI, 2.8 million Lido DAO tokens and 604,000 USDT. The average purchase price was $644.
We drew charts related to the $LDO selling of Rune.
The first three times of large -scale selling $LDO have reduced the price of $LDO.
The last two times of large -scale selling $LDO occurred during the rise of $LDO prices.https://t.co/pySiO1GApD pic.twitter.com/FfAFRrHOBi
— Lookonchain (@lookonchain) February 26, 2023
It is worth noting that these transactions took place during a period of increased volatility in the cryptocurrency market. While it’s unclear what motivated the MakerDAO co-founder to make these moves, some analysts believe these transactions could be a sign of confidence in the MakerDAO project’s long-term potential. MakerDAO is a decentralized autonomous organization running on the Ethereum Blockchain. It allows users to issue and trade a stablecoin called Dai pegged to the US Dollar.
The MakerDAO ecosystem relies heavily on the Maker token (MKR), which is used to manage the system and make decisions about its future development. On the other hand, Lido DAO is a liquid staking protocol that allows users to earn staking rewards on Ethereum assets without blocking their tokens. Lido tokens are used to represent staked Ethereum and users can buy and sell them on various decentralized exchanges. The co-founder’s decision to sell Lido DAO tokens and buy MakerDAO tokens can be seen as a vote of confidence for the MakerDAO project, which is gaining traction in the DeFi space. MakerDAO recently surpassed $5 billion in total locked value, making it one of the most popular DeFi protocols.
Santiment drew attention to the big market movement
As we reported earlier, major whale transactions for Maker’s altcoin were shared by another data platform, Santiment. According to data from Santiment, MakerDAO recorded the largest whale activity in more than three months after two identical transactions worth $17.4 million were made on the network. The data highlighted that 24,331 MKR were transported to a whale address, and a similar volume was deposited to the original sender by a third address shortly thereafter.
🐳 #Maker made its largest whale moves in over 3 months a couple hours ago. 24,331 $MKR ($17.4M) was moved to a whale address, and then another identically sized move was made. On downswings, massive moves like this are often correlated with turnarounds. https://t.co/dHYIdrHy3h pic.twitter.com/vk4dU1G46w
— Santiment (@santimentfeed) February 25, 2023
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