MKR Price Drops After Whale Sells $2.56 Million Worth of Tokens

Spot On Chain announced on X today that a whale sold 1,960 MKR tokens via Binance.
After this, the same whale withdrew 742.3 ETH and 113K FET from Binance.
At press time, MKR was worth $1,298.08 after its price slipped by more than 2% in the past 24 hours.
Earlier today, the on-chain data and unlocks platform Spot On Chain revealed in an X post that a whale known as peedan.eth sold 1,960 Maker (MKR) tokens via Binance. According to the post, the MKR tokens were worth about $2.56 million.
The fact that the whale sold his tokens meant that he closed his MKR position at a more than 7% loss. Spot On Chain also revealed that since selling his MKR, the whale has withdrawn Ethereum (ETH) and Fetch.ai (FET) from Binance.
So far, the whale has withdrawn 742.3 ETH, worth $1.41 million, and 113K FET, valued at approximately $43.3K, from Binance. At press time, Spot On Chain estimated that the whale holds 743.3 ETH and 1.079 million FET.
🚨 peedan.eth allegedly sold 1,960 $MKR ($2.56M, avg price: $1,305) via #Binance in the past hour, officially closing his $MKR deal at a loss of $213K (-7.3%).The whale has then withdrawn 742.3 $ETH ($1.41M) and 113K $FET ($43.3K) from #Binance so far.Currently, he holds… pic.twitter.com/SKJBu3F3cg
— Spot On Chain (@spotonchain) November 7, 2023
It is very possible that the whale could be behind MKR’s decline of more than 2% over the past 24 hours. CoinMarketCap indicated that the altcoin was trading at $1,298.08 at press time. This latest price drop contributed to a poor weekly performance which saw MKR’s dropping by 6.68% over the past 7 days.
MKR’s 24 hour trading volume rose by more than 42% since yesterday, but this was likely due to an increase in sell volume. Since reaching its all-time high price of $6,339.02 in May of 2023, MKR’s price has dropped by 79.35% to trade at its current level.
 MKR / Tether US 1D (Source: TradingView)
Meanwhile, the whale’s activities could also be a contributing factor to the fact that the prices of both ETH and FET were able to climb throughout the past day of trading. ETH’s trading value climbed to $1,890.52 after its price jumped 0.66% in 24 hours.
FET’s price experienced a more than 5% ascent, which resulted in it trading at $0.3809. This ended up flipping FET’s weekly performance back into positive territory to +4.43%.
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