news 
Mystery Group 7 Siblings Could be Dumping $8.3 Million Worth of MKR
The mystery group “7 Siblings” may be dumping a staggering $8.3 million worth of Maker (MKR). A recent tweet by Spot On Chain suggests that this entity has unlocked 7,000 MKR, equivalent to approximately $8.3 million in value from MakerDAO and has since sold 706.7 MKR for 594.95 ETH at an average price of $1,218.
As a result, there are still around 6,293 MKR worth approximately $7.47 million remaining in their holdings. The post highlights that the entity’s actions may signal a potential sell-off, which could have implications on the market.
Interestingly, some cryptocurrency enthusiasts and experts are skeptical about the long-term impact of this development. They argue that the recent move does not necessarily indicate a major market correction or dip in value. Instead, it is possible that the mystery group is simply diversifying their holdings by exchanging MKR for other cryptocurrencies.
Meanwhile, analysts have been closely monitoring the cryptocurrency market and its dynamics. Some experts believe that despite potential short-term corrections, there is an underlying narrative of growth and expansion. In fact, many are expecting a significant pump in Bitcoin (BTC) prices within the next few weeks or months.
Additionally, it’s worth noting that MakerDAO has also faced some significant challenges recently, such as the depegging incident which saw the value of the DAI stablecoin drop to as low as $0.94 and then recover to around $1.00. While this event may have caused some market uncertainty, many still believe in the long-term prospects of the altcoin.
On a separate note, it’s interesting to see how Bitcoin (BTC) has dipped below its 200-day moving average once again. According to historical data, this could indicate an epic rally is on the horizon for Bitcoin and other promising altcoins.
Source: https://cryptonewsland.com/mystery-group-7-siblings/
