Ethereum co-founder Vitalik Buterin made a notable transaction by selling 500 MKR tokens worth about $581,000 for 350 ETH via CoWSwap. Buterin then transferred the 350 ETH he received to 0x3f6. This transaction marks the first time Buterin has sold MKR tokens in two years and has aroused suspicion in the crypto community.
The difference in status of the transaction amounting to 353.402301773795924061 adds to the intrigue surrounding Buterin’s rare move. This development comes after a significant increase observed in the trading price of MKR tokens a few days ago, indicating possible whale activity. Market analysts suggest that significant investment from leading investors may have played a role in keeping the MKR price above the 20-day EMA.
The fundamentals of MakerDAO have improved recently. As Messari’s Kunal Goel points out, the platform has returned to profitability after a period of increased spending on incentives. However, the decisive factor behind the rising price of MKR tokens seems to be the MakerDAO community’s announcement on the introduction of SubDAOs in South Korea on August 28. This approach seeks to unlock the full potential of DAOs and has generated great interest and excitement in the crypto community.