Maker (MKR), a utility and governance token on the Ethereum blockchain, has witnessed a sharp increase in whale transaction activity over the weekend.
Maker noted a spike in whale transactions greater than $100,000, coinciding with rising supply on exchanges.
MKR price is likely headed toward a further decline with rising transaction volume and whale activity.blockchain, has witnessed a sharp increase in whale transaction activity over the weekend. There are several factors likely driving this increase in large volume transfers in MKR.holdings as the protocol considers moving to Solana or a native blockchain. The controversy surrounding MakerDAO, coupled with bearish on-chain metrics, is likely driving the asset’s price lower.
Whale transaction count is a metric that measures the volume of transfers valued at $100,000 or higher. Combined with the impact on the asset’s price, this metric fuels a bullish or bearish narrative. When a large number of whale transfers are followed by price decline, it implies whales likely transferred their holdings to centralized exchanges to book profits.price wiped out its gains over the weekend. Another key on-chain metric is the supply on exchanges.
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