In today’s dynamic crypto market, Maker While the price of ‘s native token, MKR, gained global attention by increasing nearly 20% following this swap between assets, a swap between assets has garnered significant attention among crypto market enthusiasts globally as an intriguing phenomenon. According to information revealed by a tracker called Scopescan, Maker co-founder Rune Christen has swapped Shiba Inu’s native token SHIB and Lido DAO’s native token LDO for MKR, making a big splash in the broader crypto market for the Ethereum-based smart contract platform’s token. It created optimism.
Is Christen’s SHIB and LDO Switch Triggering the MKR Rally?
According to information highlighted by the Scopescan tracker, the co-founder of MakerDAO sold 12 billion SHIB and 75,000 LDO. Additionally, after exchanging them for USDC, Christen purchased 312 MKR at an average price of $2,389.
Notably, the co-founder purchased these SHIB tokens earlier this month, marking Christen’s first SHIB purchase. Purchased at an average price of $0.00001334 and valued at $98,000, this accumulation underlined optimism for the Shiba Inu. However, with 12 billion SHIB and 75,000 LDO swapped for MKR, a wave of speculation orbiting a shift in investor confidence and the rally MKR is witnessing today was born.
After Rune’s notable MKR acquisition, the token’s price increased by nearly 20%, attracting the attention of global crypto market traders and investors.
MKR Price Rallies
Currently, MKR price is trading at $2,443.05, registering a significant increase of 19.16% in the last 24 hours. The extraordinary rally immediately gained traction as the co-founders’ accumulation appeared to weigh on the price rise.
altcoinWhile ‘s market value increased by 17.65% and reached 2.24 billion dollars, its 24-hour trading volume increased by 153.77% and reached 148.02 million dollars. This has fueled a massive rally for the token in the broader crypto market.
Meanwhile, the token’s derivatives data pointed to significant new money entering the market and emerging market activity, creating additional bullishness in MKR. Coinglass revealed a 47.67% increase in open interest for the token, while its volume increased by 325.12%. This created a wave of optimism around MKR, indicating an uptrend in the market in line with Christen’s accumulation and today’s price increase.
