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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Maker Large Holders Accumulate, MKR Rally To Continue?

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Maker

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On-chain data shows large Maker holders have accumulated recently, a sign that the rally could extend soon.

Maker Large Holders Have Continued To Expand Their Holdings Recently

According to data from the market intelligence platform IntoTheBlock, inflows to the wallets of the large MKR investors have been taking place for a while now. The “large holders” here refer to those investors who hold at least 0.1% of the cryptocurrency’s circulating supply.

In Maker’s case, this value would equal about $1.2 million. Thus, the only holders who would clear these criteria would be the sharks and whales, the largest entities on the network.

These investors generally hold some influence in the market, as they can move many tokens at once. Thus, the behavior of this cohort could be worth watching, as it may reveal answers about where the asset might be heading next.

One way to track the behavior of these humongous holders is through the “netflow” metric, which measures the net amount of MKR that these large investors are adding into or moving out of their combined holdings right now.

When the value of this metric is positive, it means that a net number of coins is entering into the supply of these investors currently, suggesting that they are participating in buying.

On the other hand, negative values could imply that this group may be selling as its members are transferring a net amount of the asset away from their wallets.

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Now, here is a chart that shows the trend in the Maker large holders netflow over the last few months:

Maker (MKR) Large Holders Netflow

The value of the metric seems to have been positive in recent days | Source: IntoTheBlock on X

The above graph shows that the Maker large holders’ netflow has been almost entirely positive during the past few months. There were a few dips into the negative territory, but the net outflows weren’t significant in scale then.

In the past few weeks, there haven’t been any drops below the zero mark, suggesting that the large holders have only continued accumulating more MKR recently.

Something to note here is that a positive netflow doesn’t mean that there isn’t any selling taking place at all. Instead, it simply suggests that the accumulation is enough to cancel any distribution.

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In the past couple of months, the cryptocurrency has seen an overall uptrend, which could be a consequence of the net buying these investors have been participating in.

Since this month has started, though, the asset has declined. Nonetheless, as the netflows have only remained positive throughout this decline, the large holders have been buying regardless.

This conviction from these large holders can naturally be a positive sign for Maker, as the asset could potentially continue its rally soon.

MKR Price

At the time of writing, Maker is trading around $1,200, up 4% in the last week.

Maker Price Chart

Looks like the value of the asset has been moving sideways recently | Source: MKRUSD on TradingView
Featured image from iStock.com, charts from TradingView.com, IntoTheBlock.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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