After Bitcoin‘s price retreated to $40,500, the altcoin market experienced a sharp decline. This situation forced over-leveraged investors out of the market while presenting a buying opportunity for spot investors. The crypto whale known as forknounnoworlose36eth.eth took advantage of this drop to purchase $1 million worth of Maker (MKR).
According to the report by on-chain data platform Spot On Chain, the crypto whale bought hundreds of MKR tokens against Dai (DAI) at an average price of $1,345. The whale spent $1.14 million in DAI in the last two hours.
On-chain data provided by Spot On Chain indicates that over the past four days, the crypto whale has acquired 2,721 MKR tokens for a total of $3.84 million in DAI at an average price of $1,411. This suggests that the whale is expecting a significant price increase and sees corrections as buying opportunities.
MKR is the governance token of MakerDAO and the Maker Protocol, allowing users to mint and manage the DAI stablecoin. Currently trading at $1,346, the price of MKR has decreased by 5.10% in the last 24 hours.
According to CoinMarketCap data, the price of MKR has dropped by 10.92% in the last seven days but has risen by 4.04% in the last 30 days. Since the beginning of the year, the price of the altcoin has increased by 163.57%. Considering the current price of MKR is below the whale’s average purchase price, there is speculation that the whale may make new purchases or buy more at these levels to lower the average purchase price.