MakerDao: Of surging prices and record volumes
- MKR price saw a 10% daily surge for the first time in four weeks.
- MakerDao’s volume also spiked to its highest level in a month.
MakerDao [MKR] has shown positive momentum in recent weeks, experiencing a price shift that diverged from the broader cryptocurrency market trends.
Read MakerDao’s [MKR] Price Prediction 2023-24
MakerDao surges above the neutral line
Since it initiated its upward trajectory in June, MakerDao has surged by more than 80%. This is particularly noteworthy considering the overall market conditions. An examination of MKR on a daily chart, utilizing the range tool, revealed an impressive growth of over 83%.
Additionally, on 31 August, MKR concluded trading with a remarkable 10.53% profit, marking the highest single-day spike for the entire month. As of this writing, it was trading at approximately $1,157, maintaining its upward momentum, albeit with a gain of less than 1%.
Furthermore, the ongoing price uptrend pushed MKR back above the neutral line on its Relative Strength Index (RSI). Correspondingly, the Moving Average Convergence Divergence (MACD) crossed above zero.
The alignment of both these indicators underscored the bullish trend that MakerDao’s price surge has propelled it into.
Relentless MakerDao whales and sharks
According to Santiment, MakerDao’s recent upward trend and price decoupling can be attributed to its large holders, often called “whales” and “sharks.”
A closer examination of the supply distribution chart revealed that as the price continued to climb, these major holders increased their holdings.
Also, the chart further indicated that this accumulation trend was ongoing, suggesting the potential for further price appreciation. At the time of this report, addresses holding between 1,000 and 10,000 MKR accounted for approximately 34% of the total supply.
Additionally, addresses with holdings ranging from 10 to 100 MKR constituted approximately 3.7% of the supply.
MKR volume also sees a spike
The recent uptrend in MakerDao extended beyond just its price and large holders; there was also a notable surge in trading volume.
According to the volume chart on Santiment, MKR’s trading volume surged to approximately 119 million on 31 August, coinciding with a price increase of over 10%. What’s particularly noteworthy is that this volume level marked the highest recorded for August.
However, as of this writing, the volume had experienced another spike, reaching around 149 million. These spikes in volume allowed MKR to close out the month on a positive note and commence the new month with momentum. Also, this indicated a potential for further price increases.
How much are 1,10,100 MKRs worth today?
Additionally, a recent report indicated that MakerDao had the lowest percentage of holders experiencing losses compared to other DeFi tokens, some of which had up to 90% of their holders in the red.
As MKR’s price continues its upward trajectory, the number of addresses in a loss position may decrease, making the asset an appealing choice for investors.