Maker whale transactions pick up pace in January, large wallets accumulate MKR

Maker worth $66.66 million was accumulated by ten different wallet addresses in the past month.
MKR price rallied nearly 60% in the past month, climbing to a 22-month peak of $2,267 on January 11.
Maker supply on exchanges has hit its lowest level in three months, supporting the MKR price rally.

Ekta Mourya FXStreet

Maker (MKR), the token of a smart contract platform built on the Ethereum blockchain that is focused on improving peer-to-peer transactions, is on the rise. Recent activity in MKR indicates that the token is being accumulated by large wallet addresses, throughout January 2024.

Typically, as tokens leave exchanges in large volumes, it drives the price higher with declining selling pressure.

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MKR accumulation by ten large wallet addresses

According to on-chain data from Lookonchain, ten wallets have scooped up 32,759 MKR tokens worth $66.66 million, or 3.55% of the asset’s circulating supply from exchange platforms, in the past month. MKR price rallied nearly 60% in the same timeframe.

The MKR wallets pulled tokens off exchange platforms, reducing the selling pressure and the reserves of the asset on exchanges.

Maker tokens leaving Binance and Coinbase. Source: Etherscan

MKR accumulation by large wallet addresses has impacted MKR’s supply on exchanges, as seen in the Santiment chart below. MKR supply on exchanges declined to its lowest level since September 5, 2023. 7.55% of MKR’s total supply is currently on exchange platforms, down from 10.68%, seen in September.

MKR supply on exchanges. Source: Santiment

At the time of writing, MKR price is $2,072 on Binance. MKR has offered holders nearly 2% gains on the day, and over 18% weekly gains. Maker’s price rally is supported by increase in whale transactions, dwindling exchange reserves and MKR token outflows.

Author

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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