• MKR witnessed a sudden spike in interest over the last few days.
  • Whale interest and the growth of the protocol could have played a role in this surge.

MakerDAO [MKR] has been one of the most prominent DeFi protocols in the sector. The recent surge in MKR’s price, marking a substantial 4.11% increase in the last 24 hours, has ignited curiosity among investors and analysts alike.

The question looming large is whether this surge is merely a fleeting uptick or a precursor to sustained long-term growth.

What’s behind the uptick?

The spike in MKR’s price is not an isolated event, rather, it mirrors the rising interest in MakerDAO’s ecosystem. Investors are keenly observing the protocol, and the governance token, MKR, has become a focal point for many.

Lookonchain’s data provided insights into the recent price movement, revealing the influence of whales in the MKR market.

Over the past week, three new whale wallets have actively accumulated MKR, withdrawing a substantial 11,610 MKR (equivalent to $18.6 million) from the Binance [BNB] exchange.

This strategic move by large holders raises questions about the potential impact of these whales on MKR’s short-term price dynamics.

AMB-Crypto

AMB-Crypto

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