Maker (MKR) experienced a remarkable rise in activity during the start of the year, with its price surging to $2,140, the highest level since April 2022. This upward trend resulted in monthly gains exceeding 50%, largely driven by significant accumulation from prominent wallet addresses.
MKR’s Early 2024 Rally: Whale Accumulation Drives Reduced Exchange Supply
Maker began the year on a strong bullish note, supported by data from Lookonchain, which highlighted substantial MKR accumulation by large wallet holders. Throughout January 2024, ten wallets collectively acquired 32,759 MKR tokens, valued at approximately $66.66 million. This purchase accounts for 3.55% of the circulating MKR supply and involved withdrawals directly from exchange platforms.
On January 15, a notable transaction saw 12,103 MKR, worth $24.63 million, withdrawn from an exchange, further underscoring the significant accumulation trend. This reduced exchange supply has historically correlated with increased demand, contributing to MKR’s price gains.
Adding to this positive momentum, the number of MKR holders reached an all-time high of 98,875 on January 9, signaling growing interest. Although there has been a slight decline, total holders remain above 98,800, based on CryptEye’s data.
MKR’s price has experienced minor corrections but continues to trade near $2,048, reflecting sustained investor confidence.
MakerDAO’s Endgame Proposal: A Catalyst for Optimism
The broader market optimism, partially fueled by the SEC’s approval of a spot Bitcoin ETF, has positively impacted MKR. However, MakerDAO’s “Endgame” proposal, spearheaded by founder Rune Christensen, has played a pivotal role in bolstering sentiment.
The Endgame initiative focuses on driving widespread adoption of MakerDAO’s stablecoin, DAI, over the next three years. It aims to position DAI as one of the most widely used stablecoins while maintaining governance equilibrium, a vision that has resonated with the MKR community.
