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  • Writer's pictureConnie Chan

MKR Holders' Wealth Grows Over 100% During Price Boom


MKR Holders' Wealth Grows Over 100% During Price Boom
MKR Holders' Wealth Grows Over 100% During Price Boom

MakerDAO (MKR) has faced challenges in the Decentralized Finance (DeFi) market, including regulatory pressures. However, altcoins, led by MKR, have recently gained attention and overshadowed the turbulence. As of now, MKR's value on CoinGecko is $1,346, with a notable 9.1% increase in the past 24 hours and an impressive 18.0% increase over the past week. Since mid-June, MKR has seen a growth of over 115%, which has reduced the proportion of investors experiencing losses by a significant margin of 26%.


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MKR Holders' Wealth Grows Over 100% During Price Boom. MKR Price Report Reveals Sustained Accumulation, Whale Activity

According to a recent price report, MKR has gained a significant amount of investor interest. The chart below shows a clear trend of accumulation since March, indicating a growing confidence among investors. MKR Holders' Wealth Grows Over 100% During Price Boom.



Source: Santiment
Source: Santiment

In June, there was a significant increase in the amount of MKR being accumulated. Some prominent investors, known as "whales," chose to sell a portion of their holdings, likely in an attempt to earn profits. However, this decision had an unintended effect on the supply of MKR. Despite this, the cryptocurrency market is known for its complex dynamics and MKR was no exception. While some larger wallet holders sold their holdings, others recognized an opportunity and quickly bought up the newly available supply. This shift in ownership demonstrated the agility and resilience of the MKR ecosystem.


Resurging Interest In DeFi Tokens

Over the past few months, DeFi has experienced a notable change in dynamics, which has attracted the attention of analysts and investors alike. Glassnode's analysis has revealed a substantial increase in interest in DeFi tokens, which can be attributed to the lackluster performance of other assets within the ecosystem.


It is important to note that the backdrop against which this resurgence is occurring is significant. The previous dip in DeFi token prices was largely attributed to a major event - the release of a memo by the US Securities and Exchange Commission (SEC).


Maker (MKR) is currently in a positive trend, trading at $1,328 on TradingView.com
Maker (MKR) is currently in a positive trend, trading at $1,328 on TradingView.com

A recent regulatory communication has classified around 68 tokens as unregistered securities, creating uncertainty in the DeFi industry. Despite this, there has been a resurgence of interest in the sector, which is noteworthy. Glassnode, a data analysis firm, has provided valuable insights into this development and has aptly captured the essence of this rebound.

“This is the first outperformance since September 2022, with very similar performance thus far.”

This assessment not only underscores the significance of the current uptick but also draws parallels to a prior period, hinting at the potential of a sustained trajectory.


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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