Maker (MKR) price has experienced a significant jump in the past 24 hours, reaching intraday highs above $1,186. However, the price has since pulled back slightly, currently sitting at around $1,141 at the time of writing. This surge in price comes after a period of accumulation that has been ongoing for the past two months.
Data analysis shows that whales have been actively accumulating MKR since early July, with over 61.5k MKR tokens being added to their positions. This accumulation of more than $70 million worth of the cryptocurrency has caught the attention of Santiment analysts, who believe that it could provide the momentum needed for bulls to target new highs in September.
The accumulation has primarily been driven by holders with 10k-100k MKR tokens, who have been increasing their positions since July 9. These holders currently hold between $11.6k and $11.6 million worth of MKR, and their actions will likely have an impact on future price movements.
If the buy-side pressure continues, it could propel the price of MKR beyond $1,200. This would bring the year-to-date highs of around $1,350 into play in the short term. However, there is also the potential for profit-taking, which could cause the price to retrace.
In addition to the accumulation, Maker’s expansion into South Korea has been cited as another catalyst for the recent price movement. Despite the broader market downturn after Grayscale’s spike earlier this week, Maker has managed to maintain upward momentum. Furthermore, recent legal victories against the SEC, such as the July 13 Ripple victory and the court ruling on Grayscale’s ETF application, have increased the likelihood of a spot ETF being introduced to the US market. This positive sentiment surrounding Bitcoin and altcoins has also contributed to Maker’s price rise.
In conclusion, Maker (MKR) has experienced a significant price jump in the past 24 hours, reaching highs above $1,186. This surge in price comes after a two-month accumulation period, where whales and sharks have added over $70 million worth of MKR to their positions. The continued buy-side pressure could push the price even higher, while recent developments in South Korea and the US regulatory landscape have also contributed to Maker’s price movement.