According to on-chain analytics firm Santiment, Maker recently witnessed its most significant whale transfer in over three months, with a whopping 24,331 MKR worth more than $17.4 million transferred to a whale handle.
“Maker made its largest whale strikes in over three months a couple of hours ago. A total of 24,331 MKR ($17.4 million) was transferred to a whale handle, followed by another transfer of the same size. Large strikes like this are sometimes associated with turnarounds on downswings,” Santiment admitted.
In response to Santiment, another identically sized transfer was made after this main switch. “Maker just noticed two identical transactions worth $17.4 million, the largest strikes on Community in over three months,” Santiment noted on its posted chart.
Large transactions or strikes during downturns have consistently been linked to positive turnarounds, as Santiment defined for the massive MKR switch.
The cryptocurrency market is in free fall.
The cryptocurrency market fell on Friday due to critical inflation information that alarmed traders.
According to a report released on Friday, inflation in the world’s most extensive economic system has risen, raising the prospect of further interest rate increases by the United States Federal Reserve.
The declines continued until Saturday, when most crypto assets traded in red at press time.
According to CoinMarketCap, the largest cryptocurrency by market capitalization, Bitcoin, is currently down 3.12% in the last 24 hours and trading for $23,032. It only recently surpassed the $25,000 mark for the first time in eight months.
Almost all other cryptocurrencies have also achieved success. Maker’s MKR token fell 4.36% in the last 24 hours to $701.
