Connect with us
Active Currencies 14521
Market Cap $2,675,894,755,243.60
Bitcoin Share 49.72%
24h Market Cap Change $-3.08

Maker [MKR] delivers a 50% weekly upside fueled by these events

3min Read

MKR could be considered as one of the best performing cryptocurrencies especially considering its performance in the last seven days. Additionally, whales were seen buying the token too, which negated any chances of a price correction in the near future.

Share this article

  • Spark protocol coming to Gnosis chain fuels positive sentiment among MKR holders.
  • MKR bulls demonstrate strong momentum and resilience but will sell pressure be imminent?

Maker DAO’s native token MKR was seen making it to the headlines after rallying by more than 50% in the last seven days. This makes it one of the best-performing cryptocurrencies during the aforementioned period.

Is your portfolio green? Check out the MKR Profit Calculator

MKR owes this performance to a series of favorable events that took place in the last few days. Among those events include the expansion of the Spark protocol to the Gnosis chain. A move that could lead to more utility and demand for the DAI stablecoin. Key benefits include Gnosis chain’s high level of decentralization and lower transaction costs.

MKR also owes its robust bullish performance to other factors such as MKR repurchase contract deployment and fee capture growth. But just how impressive was its growth? Well, a look at its price action revealed that it traded as low as $870 in the last seven days. It bounced off its 200-day moving average and soared as high as $1080.

MKVR price action

Source: TradingView

Will MKR lend itself to the mercy of the bears?

While we may not know for sure whether MKR will continue rallying or give up recent gains, some metrics offered useful insights. For example, its on-chain volume just peaked at a new monthly high in the last 24 hours. Perhaps a sign that retail buyers have been buying near the latest highs.

MKR volume and network growth

Source: Santiment

One of the main reasons why the volume observed is important is because of exit liquidity. Maker’s network growth also peaked at a new monthly high on 3 July. However, it has since dropped and was seen approaching the lower monthly range.

While the network growth may look bearish, it is worth noting that MKR is so far holding on to most of its recent gains. This is partly because the whales have also been buying. The latest data on the supply held by top addresses revealed a slight uptick.

MKR supply held by top addresses and MVRV ratio

Source: Santiment

How many are 1,10,100 MKRs worth today?

The supply held by top addresses confirmed that whales were still buying at higher price levels. A sign that the short-term bullish outlook remains strong. It could also mean that strong sell pressure wasn’t anticipated. As such, the MVRV ratio pivoted back up.

MKR’s ability to resist the downside will largely depend on whether investors will be incentivized to hodl. The easiest way that can happen is if the crypto market continues with its bullish bias.


Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.