As Bitcoin‘s price fell to $40,500, the altcoin market experienced a sharp decline. This drop particularly affected leveraged investors, driving them out of the market, and presented a buying opportunity for spot investors. A crypto whale known as forknounnoworlose36eth.eth took this as a chance to buy $1 million worth of Maker (MKR).
According to the on-chain data platform Spot On Chain, the crypto whale, previously known as blurr.eth and now referred to as forknounnoworlose36eth.eth, purchased hundreds of MKR tokens at an average price of $1,345 in the last two hours, paying a total of $1.14 million in Dai (DAI) stablecoin.
On-chain data provided by Spot On Chain indicates that over the past four days, the crypto whale has bought 2,721 MKR tokens at an average price of $1,411, spending $3.84 million worth of DAI in return. This suggests that the whale is expecting a significant rise and views corrections or pullbacks as buying opportunities.
MKR is the governance token of MakerDAO and the Maker Protocol, giving users the ability to issue and manage the DAI stablecoin, and it is currently trading at $1,346. This reflects a decrease of 5.10% in the last 24 hours.
Data from CoinMarketCap shows that MKR’s price has dropped by 10.92% over the last week, but it has increased by 4.04% over the last 30 days. Moreover, the price of the altcoin has surged by 163.57% since the beginning of the year. The current price of MKR is below the whale’s average purchase price, which could suggest that the whale is planning to make new purchases at these levels or planning to buy more to lower the average purchase cost.