Whale Increases Maker (MKR) Holdings, What Could Happen Next?

• The 9th largest MKR holder bought another $12 million worth of the token.
• MKR’s market structure was bullish but profit-taking may soon begin.
• MKR was overbought, and the price may retrace to $1,100 if demand wanes.

This year, Maker (MKR) has been one of the best-performing altcoins. Even at that, its performance in the last 365 days has been much more than that of Bitcoin (BTC). According to CoinMarketCap, MRK’s 365-day performance was a 75.45% increase at press time.

However, the token may not have been able to outperform Bitcoin if not for the increasing belief whales have in it. At different intervals, there have been records of whales accumulating MKR. Interestingly, it seems the period of whale accumulation has not stopped.

Whales are the Rainmakers

According to on-chain data provider, Spot On Chain, a whale accumulated $12.1 million worth of MKR on September 14. The same whale, who is now the 9th highest holder of MKR, has a balance of 16.205 MKR at the time of writing.

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