Justin Sun Transfers $4.3 Million in MakerDAO (MKR) Tokens to Binance
Justin Sun has moved a substantial amount of MakerDAO (MKR) tokens to Binance, coinciding with the DeFi protocol undergoing a major platform overhaul.
Justin Sun Transfers $4.3 Million in MakerDAO (MKR) Tokens to Binance
On the evening of May 23, TRON founder Justin Sun transferred $4.3 million worth of MKR tokens from the DeFi platform MakerDAO to the Binance exchange.
According to data from Arkham Intelligence, a wallet associated with Justin Sun sent 6,802 MKR tokens to a Binance account via an intermediary wallet. Typically, investors transfer tokens to centralized exchanges to lock in profits. Sun has yet to provide an official comment on this move.
Pay attention to the price changes of $MKR.
— Lookonchain (@lookonchain) May 23, 2023
Justin Sun deposited 6,801 $MKR ($4.3M) into #Binance 1 hr ago.https://t.co/FuPGigqgx7 pic.twitter.com/sMQKY6Q8fO
Currently, MKR does not have abundant liquidity, meaning a large sell order could significantly impact the token's price. Cryptowatch notes that a sale of 525 MKR on the MKR/USDT pair on Binance could immediately cause the token's price to drop by up to 2%.
MKR is the governance token of MakerDAO, one of the largest DeFi protocols and the issuer of the $4.7 billion stablecoin DAI. As of now, MKR is trading around $634.
MKR/USDT 1-Hour Chart on Binance as of 00:20 AM May 24, 2023
Sun's move comes as MakerDAO is undergoing a comprehensive overhaul through its Endgame plan. According to founder Rune Christensen, the most significant change involves splitting the DAO into smaller, self-governing units called SubDAOs, each with its own governance token. The platform also aims to upgrade and rename the DAI stablecoin and the MKR governance token, with a focus on investing its massive reserves into real assets.
Details: MakerDAO Updates Endgame Roadmap, Plans for Separate Blockchain and AI Integration
Although the Endgame plan was approved by the community in March, it has sparked mixed reactions among protocol members and investors. Several developers have resigned over the past month. Previously, in March, Paradigm Capital, one of the protocol's largest investors, decided to sell over $20 million worth of MKR, according to Arkham data.
