Blockchain detective Lookonchain urges altcoin investors to watch the MKR chart closely today. According to the report, Tron founder Justin Sun transfers loads of MKR to his Binance wallet. Market players are worried that the million-dollar transfer will turn into sales.
TRON founder is on the agenda again with suspicious transactions
The 115.1 million True USD (TUSD) Justin Sun sent to Binance at the beginning of May caused discussions with CZ. The latest reports suggest that its founder has now sent $4.3 million worth of MKR to Binance.
Sun recently transferred 6,801 MKR to Binance wallet. If he sells all of this fund, he could print a red candle on the MKR chart with a trading volume of $12 million in the last 24 hours.
Pay attention to the price changes of $MKR.
Justin Sun deposited 6,801 $MKR ($4.3M) into #Binance 1 hr ago.https://t.co/FuPGigqgx7 pic.twitter.com/sMQKY6Q8fO
— Lookonchain (@lookonchain) May 23, 2023
Meanwhile, Lookonchain included a warning in its message, “Beware of MKR price changes.” Blockchain detective rarely issues such warnings. You can take a look at the latest Lookonchain reports, which we have transferred as Kriptokoin.com, on this page.
In terms of price, there was no major change in the MKR chart. Its price is trading at $633.63, up 1.5% on the day.
MakerDAO is in a critical voting process
MakerDAO (MKR), a DeFi protocol, has launched a vote on a proposal that would allow its delegates and their whereabouts to be anonymous. Backed by co-founder Rune Christensen, the proposal will become a mandatory requirement for eligible voters if approved.
There were other parts of the proposal that had consequences for those who opposed the directive. According to the motion, which first appeared in February, delegates found guilty of revealing their identity to the public will waive their paychecks. In addition, any community member who provides evidence of doing anything wrong in this direction will receive a reward.
Meanwhile, on-chain data shows Maker’s Herfindahl Index soaring. Glassnode recently announced that the metric is 0.022. For context, the metric measures the current resource’s share of addresses in relation to average address balances in the Maker network. When this metric is low, it serves as an indicator of low supply density.
Concerning TVL, MKR is still second to Lido Finance, which it recently outpaced. TVL is currently at $6.91 billion. This means that the unique liquidity added to Maker has decreased. Therefore, the health of the protocol was not working at the highest possible rate.
MakerDAO recently laid the groundwork for the Endgame proposal. This idea makes delegates less prone to criminal targets. It will also eliminate situations where delegates leverage relationships to support a specific cause. In addition, it will help the project to minimize the incidence of hacking.
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