By now, every investor who follows crypto knows that the market crashed and burned this week. Both Bitcoin and altcoins suffered greatly from headwinds (rising inflation, interest rate hikes and geopolitical instability).
That said, a few altcoins have seen significant increases in their on-chain activity and price analysis. For many, this meant some light at the end of this long, dark tunnel.
Who is the maker?
Maker (MKR) appeared to be the only bright spot in trading on May 15. Crypto traders are now embracing Dai (DAI) as the “best” decentralized stablecoin option on the market. The #42 ranked crypto and governance token from MakerDAO and Maker Protocol registered a major spark amid the chaos. MKR was up more than 8% in just 24 hours as it traded just below the $1600 mark.
Well, dominant buyers did indeed play a vital role in aiding this wave. Maker has seen great whale activity in recent days. The most significant spike in $100k+ trades propelled the asset by +21% in the past week and another +18% on the last day alone.
According to Santiment’s crypto analysis, key stakeholders had an ATH in MKR to deliver. Let’s look at the volumes to better understand how this whale peak impressed. While these were negligible compared to the peaks in late 2021 and early 2022, they were still rising at the time of writing.
This just goes to show that investors or traders have long-term confidence and would maintain it despite the volatility of the market. Here’s a glimpse of this volume increase over a 3-month period –
On May 11, more than 300 transactions worth more than $100,000 took place. The last time MKR saw these numbers was before the December 2021 crashes.
The high demand made MKR the largest DeFi token, according to DeFi Llama. It accounted for 9.7% of the total value of $146 billion locked in decentralized protocols, surpassing Curve, SushiSwap and Lido.
Who else wants IN?
Such an increase within a period of great uncertainty underlines several enthusiasts, dominant buyers who take up the said smart contract.
For example, MKR is one of the most used smart contracts in the top 5000 ETH whales, according to this May 14 tweet.
Check out the top 100 whales here: https://t.co/kOhHps8XBB
— WhaleStats – BabyWhale ($BBW) (@WhaleStats) May 13, 2022
This post Up 21%, MKR’s whale activity has this effect
was published first on https://ambcrypto.com/up-by-21-mkrs-whale-activity-is-having-this-effect/