Markets are worried after MKR co-founder sells more than $4 million worth of Maker; MKR remains resilient in the face of a decrease in trading volume and a recent price dip.
While there were some negative tendencies at the beginning of the year, Maker (MKR) remained strong. Notable wallet transfers involving millions of dollars’ worth of MKR were recently in the news.
A wallet associated with MakerDao’s co-founder sold more than $4 million worth of MKR. The relevance of the wallet owner and concerns about a market dump made this 2,235 MKR sell crucial.
The amount of trades made by Maker has been declining. Nearly $43 million followed a January 25th peak of $84 million. On January 25, however, more MKR were sold than were bought, indicating a certain level of stability.
Even if there have been recent declines, MKR is still above critical levels. After a 10% increase on January 24, it began to decline, with a 3% decline on January 27. This decline was aided by the sale of the significant wallet and the disclosure of its owner’s name.
In spite of the recent declines, MKR remains above its critical moving averages and displays a positive Relative Strength Index (RSI), suggesting an overall favorable trend.
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