MKR Co-founder Offloads $4 Million Worth of MKR: Holders Panic
MKR co-founder sells over $4M in Maker, causing market concerns; MKR stays strong despite trading volume drop and recent price decline.
Maker (MKR) stayed strong at the start of the year despite some downward trends. A notable wallet transfer recently caught people's attention, as millions of dollars worth of MKR were moved to exchanges.
Over $4 million of MKR was sold by a wallet linked to MakerDao's co-founder. This sale of 2,235 MKR was significant because of the wallet owner's importance and fears of a market dump.
Maker's trading volume has been decreasing. After hitting $84 million on January 25, it dropped to around $43 million. However, more MKR left exchanges than were sold on January 25, suggesting some stability.
Despite recent downtrends, MKR remains above crucial levels. On January 24, it went up 10% but then started falling, with a 3% loss on January 27. The sale from the important wallet and its owner's identity contributed to this fall.
Still, MKR is above its key moving averages and has a positive Relative Strength Index (RSI), indicating an overall positive trend despite recent drops.
