MakerDAO Co-founder Sells 760K LDO and Buys 2788 MKR

MakerDAO co-founder sells 760K LDO ($1.9M) and buys 2788 MKR ($2.62M).
LDO token consistently outperforms MKR.
The widespread purchase of MKR tokens can offer hope to MKR holders.

In light of the current increase in cryptocurrency volatility, the co-founder of MakerDAO has recently engaged in some exciting transactions, selling Lido DAO tokens and purchasing MakerDAO tokens.

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According to a new report, Rune, the co-founder of MakerDAO, sold an additional 760k LDO ($1.9M) and purchased 2788 MKR ($2.62M). He has acquired 24620 MKR and sold 11.378 million LDO since November 4.

Although it’s unknown what drives the co-founder of MakerDAO to take on these activities, some observers think that it may indicate his faith in the project’s long-term viability.

Notably, deciding to sell Lido DAO tokens and purchase MakerDAO tokens might be interpreted as the co-endorsement of the founders of the MakerDAO project, which has been gaining ground in the DeFi area. It’s interesting to note that the LDO token consistently outperforms MKR.

Regarding Price Forecast from MKR, there have been five occasions in the past where Rune has sold significant quantities of LDO. LDO was sold in large quantities the first three times while prices were falling. However, no association was seen in the last two instances because LDO prices rose despite the sell-offs.

Although the prices of LDOs have not yet been affected by the recent sell-offs, this conduct may cause FUD among LDO investors. On the other hand, the widespread purchase of MKR tokens can offer hope to MKR holders.

However, with the liquid staking protocol, Lido DAO, users can earn incentives for staking their Ethereum holdings without locking up their tokens. Several decentralized exchanges allow users to trade Lido tokens, which serve as a representation of staked Ethereum.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.