No Vitalik, No Problem: Whale Sells Ethereum (ETH) For Maker (MKR)
September 04 2023 - 6:00PM
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Less than a week after Vitalik Buterin, one of the co-founders of
Ethereum, sold his Maker (MKR) stash for ETH, one crypto
whale has done the opposite. On-chain data on September
4 shows that one Ethereum holder sold 694 ETH, worth
roughly $1.13 million when writing, for 1,010 MKR. At the time of
the swap, MKR was changing hands at $1,122. Whale Swaps ETH
For MKR As of September 4, the address, “0x3737,” had over
$20.37 million worth of assets. While the whale trades against
Vitalik and doubles down on MKR, zooming in on the address’s
portfolio shows that the largest holding is ETH. The address
holds 10,000 ETH worth $16.3 million at spot rates, representing
over 75% of the total portfolio. Meanwhile, some of his other major
holdings include Arbitrum (ARB), worth $2.9 million, and MKR, worth
$1.1 million. Related Reading: XRP Summer Showdown: Trading
Hype Versus Price Reality, What Lies Ahead? MKR, the token issued
by MakerDAO, the decentralized autonomous organization (DAO) that
controls the minting of DAI, a stablecoin on Ethereum, has been
ripping higher in the last few months. MKR plays a key role
in stabilizing DAO and is used as a last resort. Holders
participate in governance, voting on proposals that best stabilize
the algorithmic stablecoin, deciding collateral types accepted,
stability fee adjustments, and others. From June, MKR has more than
doubled, rising 125% to peak at around $1,300 in early August. It
is now trading at over $1,100, up 13% from August lows. Maker
Presents Endgame The token’s surge has been attributed to multiple
factors, specifically the release of the “Endgame” roadmap. Under
this plan, MakerDAO plans to, among other things, release their
blockchain, rebrand, and introduce two more tokens. This move
is significant because MakerDAO is among the first decentralized
finance (DeFi) protocols. According to DeFiLlama data, the
protocol has a total value locked (TVL) of over $5 billion. It is
the largest decentralized money market in the world.
Meanwhile, DAI, its algorithmic yield-earning stablecoin, has been
stable recently and is the largest in Ethereum. At press time,
DAI had a market cap of $5.3 billion, perched at 12th on
the leaderboard. At this pace, DAI is the third-largest stablecoin
after USDT and USDC. Related Reading: Shiba Inu Whales Begin
Accumulation As Shibarium Grows Vitalik Buterin, despite the
stellar performance of MKR relative to the broader crypto market,
liquidated $580,000 worth of MKR after MakerDAO’s co-founder, Rune
Christensen, said it was considering launching a new blockchain
bridging to Ethereum that’s based on Solana’s code. The
new blockchain, dubbed NewChain, is part of MakerDAO’s roadmap,
“Endgame”. Feature image from Canva, chart from TradingView
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