MakerDAO’s Multisign wallet, identified as 0xbba, has recently made a significant deposit of 750 MKR, equivalent to $2.19 million, to Binance at a price of $2,920.
This transaction was facilitated through a middle wallet, 0x1cc, adding to the ongoing activity surrounding the multisign’s operations.
Since its reactivation on March 18, 2024, following a three-month period of inactivity with MKR, the multisign has been actively depositing tokens to centralized exchanges (CEX) at strategic moments.
Notably, it has deposited a total of 11,993 MKR, valued at an average of $3,184 per token ($31.18 million in total). These deposits often precede price drops in the MKR market.
MakerDAO appears to keep depositing $MKR to CEX!
2 hours ago, multisign wallet 0xbba (likely @MakerDAO) deposited another 750 $MKR ($2.19M) to #Binance at $2,920.
Since Mar 18, 2024, the wallet has deposited 11,993 $MKR ($31.2M) to CEX at ~$3,184, often ahead of price drops.… https://t.co/VfrZvWucPI pic.twitter.com/P1HcfCq4z6
— Spot On Chain (@spotonchain) May 6, 2024
Multisign Activity To Watch On MKR Movements
The multisign’s activity includes two notable phases: between March 18 and April 22, where 9,043 MKR ($29.75 million) was transferred to Wintermute Trading OTC and subsequently to CEXs like Binance, Coinbase, and Kraken. The second phase occurred over the past 11 days, during which 2,950 MKR ($8.43 million) was directly deposited to Binance via the middle wallet 0x1cc.
Despite the significant deposits, the multisign still retains a substantial holding of 18,978 MKR, valued at $55.21 million. This indicates a continued involvement in market dynamics and suggests potential future transactions or strategic moves by the multisign.
The pattern of deposits preceding price drops in the MKR market raises questions and speculation about the motives behind the multisign’s actions.
As the cryptocurrency community continues to monitor developments, the multisign’s activity serves as a notable factor influencing market sentiment and MKR price movements.
Observers will remain vigilant for further insights into the multisign’s strategy and its potential impact on MakerDAO and the broader cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.