According to CryptoPotato, Maker (MKR) experienced a significant increase in activity during the first week of the year, with the cryptocurrency reaching $2,140, a level not seen since April 2022. As a result, MKR's monthly gains exceeded 50%. This rise appears to be linked to the accumulation of MKR by large wallet addresses.
Data from Lookonchain revealed that big wallet addresses have been actively accumulating MKR tokens throughout January 2024. Ten wallets were identified to have collectively acquired 32,759 MKR tokens, valued at approximately $66.66 million. This acquisition represented 3.55% of the MKR circulating supply and was achieved by withdrawing these tokens directly from exchange platforms. The latest transaction of MKR withdrawal activity was recorded on January 15th, involving a user withdrawing 12,103 MKR worth $24.63 million from an exchange. This large-scale accumulation indicates a shift in investor sentiment, with these investors expressing confidence in MKR's price trajectory. The reduced supply of the token on crypto exchanges typically leads to increased demand.
Furthermore, the total number of MKR holders reached an all-time high of 98,875 on January 9th. Despite a minor slump, the total holders are still above 98,800, according to data compiled by CryptEye. Meanwhile, MKR's price underwent a slight correction on a micro scale and was trading near $2,048. One of the primary reasons for increased optimism is the SEC's approval of a spot Bitcoin ETF, which attracted capital inflow into the market. Additionally, MakerDAO's "Endgame" proposal, designed by founder Rune Christensen, has bolstered sentiment among MKR holders. Endgame aims to achieve widespread adoption of MakerDAO's stablecoin, DAI, in the short term and position DAI as one of the most used stablecoins within the next three years, while maintaining governance balance.
