The price of Maker (MKR) has enjoyed a nice 12% increase today, bucking the trend of the broader cryptocurrency market, which is currently in a slump. This price increase can largely be attributed to the massive accumulation of MKR by whales and sharks.
Whale Accumulation
According to data from Santiment, a cryptocurrency analytical platform, whales and sharks have accumulated a total of 61.5K MKR since July 9th. These whales and sharks hold between $11.6K and $11.6M worth of MKR.
The accumulation of MKR by whales and sharks is a bullish sign for the future price of the token. Whales and sharks are typically seen as sophisticated investors who have a deep understanding of the market. Their accumulation of MKR suggests that they believe the token is undervalued and that it has the potential to appreciate in value in the future.
The recent price increase of MKR is also likely being driven by the overall positive sentiment surrounding the DeFi ecosystem. DeFi is a rapidly growing industry that is attracting a lot of attention from both retail and institutional investors. MKR is the native token of MakerDAO, the largest DeFi lending platform. As the DeFi ecosystem continues to grow, so too is the demand for MKR.
Final Thoughts
The accumulation of MKR by whales and sharks and the positive sentiment surrounding DeFi are both bullish factors for the future price of MKR. It is possible that the token could continue to appreciate in value in the coming months. However, it is important to note that the cryptocurrency market is volatile and that prices can fluctuate rapidly. Investors should always do their own research before investing in any cryptocurrency.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Follow us on Twitter @thevrsoldier to stay updated with the latest Metaverse, NFT, A.I., Cybersecurity, Supercomputer, and Cryptocurrency news!
Image Source: angrysun/123RF // Image Effects by Colorcinch
