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Maker (MKR), which is listed among the top 35 altcoins, has outperformed most of the altcoin market, which has a moderate outlook with an approximately 41% increase in the past month. Crypto analysis platform Santiment sheds light on the increase in MKR’s price by providing important details.
The Striking Rise of Maker’s MKR
The native asset of the Decentralized Finance (DeFi) protocol Maker, MKR, is currently trading at $1,472, while it was $1,047 a month ago when this article was prepared. MKR, which is the 33rd largest cryptocurrency by market capitalization and the 32nd largest altcoin, has shown a 15.02% increase in the past 7 days despite a 5.15% decline in the last 24 hours.
Maker also supports the decentralized stablecoin DAI, which aims to maintain a 1:1 peg to the US dollar. With a market capitalization of $3.81 billion, DAI stands out as the third largest stablecoin in terms of size, following USDT ($83.22 billion) and USD Coin (USDC) ($25.54 billion).
Increased Alongside Wallet Address Activity
Crypto analysis platform Santiment reported that the recent increase in MKR’s price occurred in parallel with an increase in wallet address activity. The platform noted that the daily active wallet addresses for MKR reached their highest level in the past 10 weeks.
Chain-based data tracking platform Lookonchain reported that several crypto whales made MKR purchases on September 27, with one of them spending 899 Ethereum (ETH) worth $1.44 million to buy 958 MKR. The platform also mentioned that another crypto whale spent 800,000 USDT to buy 536 MKR.
Despite the price increases last month, MKR is currently priced at approximately 76% below its all-time high of $6,292 reached in May 2021. This indicates that there is still a long way to go for this altcoin to break its record.
