Maker (MKR) Price Rises 20% As Founder Sells 12 Bln SHIB & 75K LDO

In the current unpredictable state of the crypto market, a fascinating phenomenon involving an asset swap attracted the attention of cryptocurrency market aficionados worldwide. The price of Maker’s native token, MKR, surged by almost 20% as a result of this asset transfer. According to information provided by the tracker Scopescan, Maker’s co-founder Rune Christen exchanged enormous quantities of the native tokens of Shiba Inu (SHIB) and Lido DAO (LDO) for MKR, greatly boosting the token’s value in the Ethereum-based smart contract platform and the wider cryptocurrency market.

Christen’s SHIB & LDO Swap Triggers MKR Rally?

According to the insights spotlighted by the tracker Scopescan, the MakerDAO co-founder sold 12 billion SHIB and 75,000 LDO. Furthermore, after exchanging the two for USDC, Christen acquired 312 MKR at an average price of $2,389.

Notably, the co-founder acquired these SHIB tokens earlier this month, marking Christen’s first-ever SHIB purchase. Bought at an average price of $0.00001334 and valued at $98000, this accumulation underscored optimism for the meme coin Shiba Inu. However, with 12 billion SHIB and 75,000 LDO exchanged for MKR, a tidal wave of speculations orbiting a shift in investor confidence and MKR’s today’s witnessed rally was birthed.

Following Rune’s noteworthy MKR buying, the token’s price rallied nearly 20%, piquing the interest of crypto market traders and investors globally.

Also Read: Binance Vs SEC: Can Binance Class Action Open Door for Summary Judgment?

MKR Price Rallies

As of writing, the MKR price noted a substantial uptick of 19.16% over the past 24 hours and is currently trading at $2,443.05. The phenomenal rally promptly gained traction as the co-founders’ accumulation appeared to be weighing in on the price pump.

The coin’s market cap soared 17.65%, reaching $2,24 billion, whereas 24-hour trading volume rocketed 153.77%, reaching $148.02 million. This fueled immense bullishness for the token across the broader crypto market.

Meanwhile, the token’s derivatives data birthed additional bullishness on MKR, hinting at substantial new money entering the market and burgeoning market activity. Coinglass unveiled a 47.67% surge in the token’s open interest, whereas its volume surged 325.12%. This curated a tidal wave of optimism orbiting MKR, further falling in line with Christen’s accumulation and today’s price upswing, as it hinted at an uptrend in the market.

Also Read: Ethereum’s Layer 2 Ecosystem Tops $37B, Leaves Competitors Behind

The post Maker (MKR) Price Rises 20% As Founder Sells 12 Bln SHIB & 75K LDO appeared first on CoinGape.