A Top Altcoin Defies Crypto Market and Soars by 45% in the Last Month
A lesser-known altcoin, ranked 34th by market capitalization, has experienced an impressive surge of almost 45% in the past month, surpassing the performance of most cryptocurrencies in a lackluster market.
The native governance token of Maker (MKR), a decentralized finance (DeFi) protocol, is currently trading at $1,513, compared to $1,047 just one month ago.
MKR’s Recent Performance and Features
In the past seven days alone, MKR has risen by over 16%, with a nearly 3% increase in the past 24 hours. Maker supports DAI, a decentralized stablecoin that aims to maintain a 1:1 peg to the US dollar. With a market capitalization of $3.81 billion, DAI is the third-largest stablecoin after USDT and USD Coin.
Santiment, a crypto analytics firm, has observed a surge in address activity for MKR, reaching a 10-week high in terms of daily active addresses. Additionally, Lookonchain reported that two crypto whales recently made significant MKR purchases.
Price Gains and Historical Performance
Despite its recent price gains, MKR remains significantly below its all-time high of over $6,292, which it reached in May 2021. Currently, MKR is approximately 76% down from its peak.
Hot Take: MKR’s Impressive Surge Amid Market Downturn
In a market characterized by sluggishness, Maker’s native token MKR has defied the odds and experienced substantial growth. With a surge of nearly 45% in the past month, MKR has outperformed many other cryptocurrencies. This impressive performance can be attributed to increased address activity and significant purchases by crypto whales. However, it is important to note that MKR still has a long way to go to reach its previous all-time high. As the crypto market continues to evolve, it will be interesting to see if MKR can sustain its momentum and potentially surpass its previous record.
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