Vitalik Buterin Dumps Over $500k in Maker (MKR)

Ethereum co-founder Vitalik Buterin sold over $500k worth of Maker (MKR) tokens for the first time in two years.

Sep 2, 2023 - 18:37
Oct 19, 2023 - 14:19
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Vitalik Buterin Dumps Over $500k in Maker (MKR)
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Vitalik Buterin sold 500 MKR tokens, valued at approximately $581,000 at the time of the transaction. He received 350 ETH in return, which he transferred to another address labeled 0x3f6. The transaction was carried out via CoWSwap, a decentralized exchange.

The timing of this sale is particularly interesting because it coincides with a significant uptick in the trading price of MKR tokens. This increase in value was observed just a couple of days before the transaction. Market analysts have suggested that this could indicate strong market sentiment, as the MKR price remained above its 20-day Exponential Moving Average (EMA). This could also imply that significant investments by influential investors may have been instrumental in keeping the MKR price elevated.

MakerDAO, the decentralized organization behind MKR tokens, has been showing signs of improvement. The platform returned to profitability after a period of increased spending on incentives. Kunal Goel, a senior research analyst at Messari, noted this positive trend. Additionally, the MakerDAO community announced the introduction of SubDAOs in South Korea on August 28.

The crypto community is rife with speculation regarding the reasons behind Buterin's decision to sell MKR tokens. Some believe it could signal upcoming changes in the MakerDAO ecosystem or even the broader crypto market.

Following the sale, the MKR token experienced a slight drop in value, currently trading at $1,143.16. This decrease of nearly 2% could be linked to a market-wide price correction. However, it's essential to note that the drop is relatively minor and could be a temporary fluctuation, especially considering the strong market sentiment indicated by the MKR price remaining above its 20-day EMA before the sale.