7 Siblings Group Sell $8.3M for MKR Tokens, Market Go Dey Feel Am Soon
Di anonymous entity wey dem dey call ‘7 Siblings’ don unlock $8.3 million worth of MKR tokens from MakerDAO and dem don start to dey sell am, wey dey cause fear for inside crypto community about wetin fit happen for market. For inside five hours, dem sell 706.7 MKR for like $861,000 in ETH. Even though dem don sell am before, dem still hold 6,293 MKR wey worth like $7.47 million. Because dem hide who dem be and dem no dey relate to MakerDAO, people dey wonder wetin dey happen. Even though wetin dem do before no really affect MKR ecosystem, if dem sell the remaining tokens, e fit cause problem for market stability. People dey think say dem fit dey manipulate market or dem wan get power over MakerDAO. As MKR token price dey fall and e dey change anyhow, this situation fit affect the whole DeFi market. Crypto community still dey watch wetin ‘7 Siblings’ dey do.
Bearish
Di sell of MKR tokens by ’7 Siblings’ fit put downward pressure on di MKR price becos of say supply dey increase for market without demand wey match am. Di situation dey even worse becos dem still dey hold plenty MKR, wey if dem sell finish, fit cause market to dey shake more. Traders fit see say market dey change fast fast as market dey react with doubt, especially since nobody know who dey sell and di chance say dem fit dey use hand do market. Na so e be normally, say things like dis dey make price dey go down, as traders dey expect make dem sell more.