Maker (MKR) price has declined by 17% since the crypto market rally began around Oct. 23. On-chain analysis uncovers the main MRK price is declining against the positive run of play in the broader crypto markets. 

The MakerDAO-issued MRK token price has conspicuously declined sharply since the crypto market flipped bullish. With large institutional investors showing disinterest in MakerDAO’s diverse DeFi ecosystem, here’s the MKR price action to anticipate in the days ahead. 

Large Institutional Investors Showing Disinterest in MakerDAO

MakerDAO drew plaudits in August when it announced an 8% yield on DAI savings. However, MakerDAO has conspicuously emerged as one of the biggest mega-cap losers amid the ongoing crypto market rally.

As corporate investors switched attention to Bitcoin and Ethereum Spot ETF applications, the crypto market broke into a bull rally in late October. But since, the native MKR token has witnessed a significant decline in whale demand. 

According to on-chain data from Santiment, MakerDAO whales (wallets with balances of 1,000 to 100 million MRK tokens) held a total of 828,000 MKR in their cumulative balances. But after three weeks of selling, the crypto whales now hold only 821,000 MKR as of Nov. 10. 

Whales wallet balances metric tracks real-time changes in number of tokens currently held by crypto whales. Valued at the current price of $1,350, the 7,000 MRK tokens offloaded are worth approximately $1 million. 

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Author: Ibrahim Ajibade

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