Crypto Whale Makes Big Move: $2.45M in MakerDAO Tokens Sent to Exchange

According to the crypto on-chain analytics platform Lookonchain, one of the largest crypto whales on the platform, with a wallet address of 0x411…F11, has been transferring 1271 MKR tokens, valued at around 2.45 million dollars, to the centralized exchange Kraken.

Bought at $895, Now Valued at $1,927, 116% ROI

The whale has collected the MKR tokens from February 11, 2022, to March 8, 2023, with the average token price of $895 per token.

As Maker (MKR) is currently valued at just over $1,927, this long-term investor is currently sitting on a potential profit of roughly 1.32 million dollars, which amounts to a 116 percent increase in initial funds. The statistics indicate a well-planned selling tactic that is poised to yield years of tolerance.

Crypto Transfer Trail Reveals Steady Accumulation from Kraken, Binance, and Wintermute

The history of transactions is available on blockchain explorers, and it can be seen that there was a steady accumulation pattern. During the last 1,200+ days, transfers went into the 0x4111 address with origins as Kraken 27, Wintermute, and Binance 16, among others.

The transfers varied widely between tiny amounts of 0.0948 MKR and larger quantities of 201 MKR, with properties of both testing and bulk accumulating. The last and biggest piece, 1,270.54 MKR, was transferred to Kraken directly using the whale wallet in a single transaction.

Strategic Timing and Market Signal?

Announcing such a huge amount of deposit in a centralized exchange can often be an indication of wanting to sell something, which, when combined with the recent run-up in the price of MKR, may attract the attention of other market participants.

Considering the disciplined entry points of the whale and a timely exit plan, such a movement may affect the retail and institutional mood of the DeFi space.

It is also possible to trace the wallet operating on Etherscan, which allows real-time tracking of all the transactions, so this large crypto event may be known as completely transparent.