Maker (MKR) Surges 15% Amid Crypto Slump, Attributed to Whales

Santiment, a leading crypto data analytics platform, has tweeted about Maker (MKR) enjoying a substantial 15% gain in 7 days. This positive movement comes at a time when most cryptocurrencies are facing a market downturn.

The remarkable surge in Maker’s value has left many crypto enthusiasts speculating on the factors driving this sudden spike. Santiment’s analysis points towards the involvement of large crypto holders, often referred to as “whales” and “sharks,” as a key contributor to MKR’s impressive performance.

🐳📈 #Maker has enjoyed a nice +12% day while the rest of #crypto slumps. This can largely be attributed to accumulation by the whales & sharks holding between $11.6K to $11.6M $MKR. Their holdings will continue to correlate with future price movement. https://t.co/FjwTAsXysg pic.twitter.com/eqY9LvvDa6

— Santiment (@santimentfeed) August 31, 2023

These deep-pocketed investors are believed to be strategically accumulating Maker tokens within a price range spanning from $11,600 to $11.6 million. Their considerable holdings are seen as an indicator of their confidence in the project and its potential for future growth.

Santiment’s data underscores the likelihood of a continuing correlation between these influential investors’ accumulation of Maker tokens. The expectation of this correlation is to impact the coin’s future price movements. It implies that these high-net-worth individuals could significantly influence Maker’s path in the crypto market.

Maker (MKR) Analysis: Bullish Sentiment

The present trading scenario values MKR at $1,162.64, reflecting a 2% increase in its daily chart performance. The 24-hour trading volume has surged significantly by 50%, reaching $127 million. MKR holds the #40 spot in the CoinMarketCap rankings, boasting a market capitalization of $1 billion.

There are presently 977,631 MKR coins in circulation out of a maximum supply of 1,005,577 MKR coins. According to the Coincodex price prediction for MKR, technical indicators point toward a bullish sentiment, while the Fear & Greed Index stands at 40, indicating a state of fear among investors.

Maker has seen 13 of the last 30 days (43%) in green, with notable 8.35% price volatility over the past month. Our technical analysis projects that its 200-day Simple Moving Average (SMA) will ascend in the upcoming month and will reach $869.64 by September 30.

Simultaneously, the short-term 50-day SMA is estimated to reach $1,099.56 by the same date. Additionally, the RSI value for MKR stands at 56.83, indicating that the MKR is currently in a neutral position.