MakerDAO Whales Buy the Dip Amidst Controversy
Ethereum Co-Founder Vitalik Buterin’s sale of 500 MKR tokens triggered a 7% price drop, leading to speculation that it was in protest against a proposed fork of Solana codebase. However, MakerDAO whales have been seen buying more MKR tokens, with one whale moving $12.3 million worth of tokens into self-custody.
Whales Remain Bullish Despite Vitalik’s Exit
More MakerDAO whales have been buying behind the scenes, increasing their cumulative balances by 13,000 MKR since Vitalik’s sale. They took advantage of the price drop, buying $14 million worth of tokens and causing a 4% bounce in MKR price.
Potential Rally with MakerDAO Native Chain Fork
The data suggests that whales support the creation of a MakerDAO native chain forked from Solana, which could deepen adoption and expand the utility of MKR tokens. If MKR can scale the $1,150 mark, it may rally towards $1,300.
Centralization Concerns and Price Prediction
The development of a native chain could also raise centralization concerns. If most investors follow Vitalik’s lead, MKR’s price may drop below $1,000. However, there is considerable support from addresses that bought at the minimum price of $1,084, which may help maintain the price above $900.
Hot Take: MakerDAO Whales Lead the Way
Despite the controversy surrounding Vitalik’s sale, MakerDAO whales have shown their bullish stance by buying the dip and increasing their MKR holdings. Their support for a MakerDAO native chain forked from Solana could lead to a potential rally in MKR price. However, centralization concerns and the influence of Vitalik’s exit remain factors to consider in the future of MKR.
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