Maker recently saw its largest whale move in more than three months, according to on-chain analytics firm Santiment, with a whopping 24,331 MKR worth more than $17.4 million being shifted to a whale address.

“Maker made its largest whale moves in over 3 months a couple hours ago. 24,331 MKR ($17.4 million) was moved to a whale address, and then another identically sized move was made. On downswings, massive moves like this are often correlated with turnarounds,” Santiment stated.

🐳 #Maker made its largest whale moves in over 3 months a couple hours ago. 24,331 $MKR ($17.4M) was moved to a whale address, and then another identically sized move was made. On downswings, massive moves like this are often correlated with turnarounds. https://t.co/dHYIdrHy3h pic.twitter.com/vk4dU1G46w

— Santiment (@santimentfeed) February 25, 2023

Following this major transfer, another identically sized move was made, according to Santiment. “Maker just saw two identical transactions worth $17.4 million, largest moves on Network in over 3 months,” Santiment noted on a chart it posted.

Large transactions or massive moves during downturns have frequently been associated with positive turnarounds, as Santiment explained for the massive MKR transfer.

Crypto market plunges

The cryptocurrency market declined on Friday as a result of key inflation data that appeared to have alarmed investors.

The world’s largest economy’s inflation surged, according to a report released on Friday, raising the possibility of additional interest rate increases by the U.S. Federal Reserve.

The declines persisted until Saturday, as most crypto assets were trading in the red at press time.

According to data from CoinMarketCap, the largest cryptocurrency by market capitalization, Bitcoin, is currently down 3.12% in the last 24 hours and trading for $23,032. It only recently crossed the $25,000 mark for the first time in eight months.

The majority of other cryptocurrencies have also taken a hit. Maker’s MKR token was down 4.36% in the last 24 hours at $701.