After Bitcoin‘s price retraced to $40,500, the altcoin market experienced a sharp decline. This situation forced over-leveraged investors out of the market, while providing a buying opportunity for spot investors. The crypto whale known as forknounnoworlose36eth.eth took advantage of this dip as a buying opportunity and purchased Maker (MKR) worth $1 million.
According to the report by on-chain data platform Spot On Chain, the crypto whale bought hundreds of MKR tokens in exchange for Dai (DAI) at an average price of $1,345. The whale spent $1.14 million in DAI in the last two hours.
Based on the on-chain data provided by Spot On Chain, 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 indicates that the whale expects a significant rise and views the corrections as buying opportunities.
MKR is the governance token of MakerDAO and the Maker Protocol, allowing users to create and manage the DAI stablecoin. Currently trading at $1,346, the price of MKR has fallen by 5.10% in the last 24 hours.
According to CoinMarketCap data, the price of MKR has decreased by 10.92% over the past week, but has increased by 4.04% over the last 30 days. Since the start of the year, the price of the altcoin has risen by 163.57%. Considering the current price of MKR is below the whale’s average purchase price, it is speculated that the whale may make new purchases or buy more at these levels to lower the average purchase price.