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- 1 MKR token added more than 17% to its trading price in the past week.
- 2 Bitcoin lost more than 1.26%, Ethereum lost 2.77%, and Cardano lost 1.73% past week.
- 3 Over the month, Maker token price surged over 50%.
MakerDao (MKR) is an organization developing technology for borrowing, saving and stable currency on the Ethereum blockchain. MKR token is constantly moving in the upper direction. In the past 7 days, it added more than 17% to its trading price.
However, Maker token prices surged over 50% in the monthly time frame. A sudden rise in trading volume and prices indicates that the user base and Maker token and ecosystem usage have surged.
MakerDAO has a user base of over 233.3 k. Maker token changed its gear on June 29, 2023, and added $144 to its trading price on the following trading day.
In the past 7 days, the market capitalization of MakerDAO added 0.87%. The fully diluted market capitalization of the token is $1,121,608,969. Even amid bearishness in the crypto market, the MKR token constantly breaks the resistance.
Possible Reasons Behind Maker’s Sharp Price Hike
Maker’s remarkable price increase can be attributed to recent developments in the MakerDAO ecosystem.
According to a report, a16z recently deposited large chunks of Maker tokens into Coinbase. At the time, the venture capital firm deposited 12,864 MKR tokens worth approximately $12.6 million.
The company also allegedly moved another 6,900 Million Swedish kronor, worth $8 million at today’s exchange rates, to the new address, presumably to deposit the money in the exchange. Currently, a16z has about 12,396 MKR tokens worth ~$14.4 Million.
In addition, Lookonchain reports that CMS, a blockchain-focused private equity firm, reduced its recently acquired stake in MKR.
Market Constantly Bleeding
Leading tokens in the market lost more than 1.10% of their price compared to their prices a week earlier. Bitcoin lost more than 1.26%, Ethereum lost 2.77%, and Cardano lost 1.73%.
Over the past 24 hours, the cryptocurrency market recorded a drop, shedding $9 Billion overall.
The bears look like they are trying to take control of the situation as Bitcoin has been unable to surpass the $30K mark and has fallen as low as $29.6K.
At press time, Bitcoin was trading at $29918.65 with intraday trading volume $81,335,942,435. In terms of price, Bitcoin is one of the most valuable digital assets in the industry and is ranked second in terms of 24 hour trading volume.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
