Christen exchanged large amounts of Lido DAO (LDO) and Shiba Inu (SHIB) tokens for MKR, leading to a surge in MKR’s value by approximately 20%.
Amidst the prevailing volatility of the cryptocurrency market, an intriguing occurrence about an asset exchange has garnered the interest of cryptocurrency market enthusiasts on a global scale.
Nearly 20% of the value of MKR, the native token of Maker, increased due to this asset transfer. Rune Christen, co-founder of Maker, reportedly exchanged vast quantities of the native tokens of Lido DAO (LDO) and Shiba Inu (SHIB) for MKR, substantially increasing the token’s value on the smart contract platform based on Ethereum and the broader cryptocurrency market, as reported by the tracker Scopescan.
Per the findings emphasized by the tracking tool, Scopescan, the co-founder of MakerDAO, accomplished the sale of 12 billion SHIB and 75,000 LDO. Christian also obtained 312 MKR at an average cost of $2,389 after exchanging the two for USDC.
Christen made an unprecedented SHIB purchase earlier this month when the co-founder procured these tokens. This accumulation, which was acquired at an average price of $0.00001334 and is now valued at $98,000, bolstered confidence in the meme coin Shiba Inu.
Nevertheless, the exchange of 12 billion SHIB and 75,000 LDO for the token gave rise to a tidal surge of speculations surrounding a change in investor confidence and the current observed rally in MKR.
MKR’s Market Surge and Optimism
As a result of Rune’s significant purchase of the token, the token’s value increased by approximately 20%, attracting the attention of crypto market participants and investors worldwide.
At the time of writing, the MKR price has increased significantly over the previous twenty-four hours, by 19.16%, to $2,443.05. The extraordinary upswing gained momentum rapidly, seemingly due to the co-founders’ accumulation, contributing to the price surge.
The coin’s market capitalization increased by 17.65%, reaching $2.24 billion, while the 24-hour trading volume increased by 153.77%, reaching $148.02 million. This generated tremendous bullishness for the token and the cryptocurrency market.
In the interim, data on the token’s derivatives engendered further optimism regarding MKR, suggesting the infusion of significant fresh capital and a surge in market activity.
Coinglass disclosed that the open interest of the token increased by 47.67% while its volume increased by 325.12%. This generated a tidal wave of optimism that encircled MKR, which fell further following Christen’s accumulation and today’s price increase, suggesting a market uptrend.