MakerDAO co-founder Rune has increased his holdings in the MKR altcoin, the Maker protocol's management token, according to on-chain data.
Rune transferred 5 million DAI, a US dollar-pegged stablecoin to 0x0f8 on July 15, and used the 620,000 DAI to purchase 620 MKR tokens at an average price of $1,000 per token.
He then moved 2 million USDC, another stablecoin, to Coinbase, a popular cryptocurrency exchange where he could potentially buy more MKR tokens.
The founder's last MKR purchase was 1.5 months ago.
According to DeBank, a DeFi analytics platform, Rune has around $148 million worth of cryptocurrencies in its wallet. Of this amount, $25 million is in the MKR token, and $5.4 million is in the LDO token related to the Lido protocol, which allows staking Ethereum on Ethereum 2.0.
In addition, the founder has staked $97 million in MKR and $21 million in DAI stablecoins.
*Not investment advice.