- Three addresses bought 11,610 MKR tokens in the last seven days.
- Sellers are exhausted, so MKR bulls may push the token to $2,000.
- If the cryptocurrency hits $2,000, a 20% correction may happen.
Maker (MKR), the governance token of the MakerDAO has been subject to another round of accumulation, Lookonchain revealed. According to the Lookonchain, three new wallets bought 18.6 million worth of MKR in the last seven days.
The “smart money handle” also mentioned that the buyer(s) withdrew tokens from Binance and sent them into self-custody. The withdrawal from the exchange suggests the buyers plan to keep MKR in anticipation of a price increase.
More Increase for MKR in 2024
The accumulation happening a day before 2023 ends was a sign that MKR might have bullish tendencies going into 2024. Previously, Coin Edition had mentioned that some wallets bought some tokens including MKR.
Since then, the cryptocurrency price has increased by 10.46% while trading at $1.582. From the daily chart, MKR was affected by selling pressure for some parts of December. However, sellers got exhausted on December 19.
Consequently, bulls capitalized on this fatigue at …
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