Justin Sun transfers $4.3m in MKR tokens to Binance

Justin Sun, the Tron network founder and crypto investor, made a transfer of MakerDAO’s maker (MKR) tokens worth $4.3 million to the crypto exchange Binance.

Sun transfers tokens

Recent blockchain data analyzed by Arkham Intelligence has revealed that a wallet associated with Justin Sun, the founder of the Tron network, initiated a transaction involving 6,802 MKR tokens (at a price of $633.96 USD the tokens would be $4.3 million).

The tokens were sent from the aforementioned wallet to a Binance account, with the transaction passing through an intermediary wallet in the process.

Maker (MKR) serves as the governance token for MakerDAO and the Maker Protocol, two interconnected entities operating on the Ethereum blockchain.

The inception of MKR dates back to 2015, with its launch occurring in December 2017. The project’s primary objective revolves around facilitating the operation of DAI, which stands as a community-managed digital currency, offering a soft peg to the US dollar.

The MKR token’s spot market continues to be characterized by low liquidity and thin trading volumes, indicating that substantial sell orders have the potential to exert influence on the token’s price.

The current price of Maker (MKR) remains at $633.96 USD, with a 24-hour trading volume for MKR at $11,761,744 USD.

The beginning of the endgame

This transfer was made amid an ongoing process of restructuring MakerDAO’s governance structure, known as Endgame.

Spearheaded by Rune Christensen, the protocol’s founder, the overhaul entails the division of the decentralized autonomous organization (DAO) into smaller, self-governing entities referred to as SubDAOs.

The initiative also includes the introduction of upgraded versions and new names for its DAI stablecoin and MKR governance token, as well as a shift towards investing a larger portion of its reserves into real-world assets.