Whales' $17M MKR Battle: Short-Term Profits vs. Long-Term Bet

The Maker (MKR) token has recently exhibited a notable breakout above a critical support level, sparking discussions among traders and analysts about its potential to reach $2,100. Over the past several weeks, key on-chain activities and market dynamics suggest that MKR may be entering a new phase of growth, driven by strong accumulation patterns and increased demand in both spot and futures markets.

Large whale activity has been a defining feature of MKR’s recent price action. Between July 19 and July 23, 2025, a single whale offloaded 6,252 MKR tokens across multiple transactions, averaging $2,060 per token and netting a profit of $5.29 million. Concurrently, another whale continued buying, accumulating 5,774 MKR tokens through FalconX at an average cost of $2,051, amounting to $11.84 million in total. These moves indicate a balance of short-term profit-taking and long-term accumulation, which is often a precursor to sustained upward momentum.

The broader market context also favors MKR. In June 2025, the token experienced a sharp 17% price increase driven by aggressive long positions in futures markets. However, this was accompanied by significant spot sell-offs, as traders locked in gains amid concerns over a potential pullback. Technical indicators suggested a likely retest of the $1,962 support level, but the resilience of market liquidity and the strength of buyer interest hinted at a possible bounce. The current price level, which has now surpassed key resistance, aligns with many of the bullish expectations previously outlined in technical analysis.

On the institutional front, Binance’s decision to support the token swap from SKY to SKYCOIN, as part of the broader rebranding of the MakerDAO project to Sky, reflects growing institutional confidence. The platform’s active role in facilitating this transition, including the replacement of token codes and support for users during the migration, signals an effort to streamline user experience and enhance market adoption. This institutional support may further reinforce MKR’s price trajectory by increasing accessibility and reducing friction for new investors.

The token’s underlying utility and governance role within the Maker ecosystem also remain strong. As a governance token, MKR plays a critical role in determining the parameters of the DAI stablecoin, including collateralization ratios and interest rates. The ongoing debate over the rebranding from MKR to SKY, as well as recent proposals to shift to a strictly deflationary supply model, reflect a strategic shift aimed at aligning token economics with long-term stability. These changes are expected to enhance the token’s value proposition by creating scarcity and reinforcing its role in protocol governance.

Looking ahead, the price trajectory of MKR will likely be shaped by a combination of on-chain behavior, institutional adoption, and broader market sentiment. The recent accumulation by large holders and the continued migration of SKY tokens from old to new codes suggest a coordinated effort to build momentum. If the current trend continues and buyers maintain control over key price levels, the token could be poised for a significant move toward $2,100, particularly if broader crypto markets remain bullish. However, traders should remain cautious, as increased short-term volatility and spot sell pressure could temporarily hinder progress.