Whales have watched MakerDAO for a while. One reason behind the revived interest from large wallet investors might be MakerDAO’s venture into near-term bond investments.
Riding with Whales
A cryptocurrency whale tracking site, WhaleStats, revealed that MKR was among the top ten bought coins by the leading 5000 ETH whales within the past 24 hours. Moreover, the 100 Ethereum whales held MKR worth $63 million during this publication.
Moreover, MakerDAO invested $50 million in the United States government bonds exchange-traded funds. Also, 60% of the investment would go in 0-1 year bonds, whereas 40% goes to 1-3 year bonds. This development shows MakerDAO’s team was working on improving and strengthening the crypto’s position in the marketplace.
Moreover, MakerDAO presented an attractive performance in the DeFi market. Its total value locked stood at $8.35 billion during this publication, according to DeFi Llama data.
Nevertheless, MakerDAO’s revenue and fees maintained declines. Moreover, the project’s overall revenue dipped within the previous month. MakerDAO saw a sharp increase in social engagements and mentions.
The social media analytics platform LunarCrush revealed that the asset’s social engagement increased by 88% within the previous week. Also, social mentions saw a 46.59% surge.
Meantime, its weighted sentiment maintained declines, remaining negative over the previous month. That showed the cryptocurrency community boasted more negativity about MakerDAO within the last 30 days.
More Declines Impending
The declining sentiment saw MakerDAO’s volume plummeting, slumping to 36 million from 50 million over the past two weeks. Also, the crypto saw downsides in its velocity. That showed the rate at which addresses exchanged MKR had declined.
While publishing this content, MKR traded at $918, depreciating by 6.87% over the previous week. Also, its volume dropped by 31% in the past day. Despite the plunging prices, MKR captured 0.1% of the overall cryptocurrency market.