Maker tokens worth over $8m transferred to unknown wallet

 Revamping the Maker protocol

In May, Justin Sun, the founder of the Tron network and a crypto investor, transferred MKR tokens worth $4.3 million to Binance. Blockchain data reveals that a wallet connected to Sun initiated a transaction involving 6,802 MKR tokens at a price of $633.96 per token. This substantial movement of MKR tokens adds another layer of intrigue to the larger crypto landscape.

Christensen has put forward a proposal where he suggests reimagining the Maker protocol on a new blockchain, forked from Solana. 

This ambitious move is part of Maker’s “Endgame” plan, aimed at enhancing efficiency, resilience, and participation. However, Christensen acknowledges that this transition would be a long-term endeavor, spanning at least three years.

Christensen’s choice of Solana is guided by several advantages that the blockchain offers. Firstly, Solana boasts a highly optimized technical codebase designed for operating a single blockchain efficiently. 

Secondly, it has demonstrated resilience even after significant incidents, such as the FTX crash, highlighting its long-term potential. Finally, Solana’s adaptability for app chains, exemplified by its implementation in the Pyth network, makes it an attractive option for Maker’s future.

Maker (MKR) price action

Notably, the price of Maker has experienced an 18.6% increase in the past 30 days. MKR is currently hovering at around $1,440, per data from CoinGecko. 

The token has a strong support level at $1,350 and resistance at $1,600. Additionally, the RSI weekly value stands at 74, indicating robust investor sentiment in MKR at the moment. 

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