Maker Market Heats Up: Over 600 Addresses Complete MKR Trades In Single Day

Christian Encila

1 year ago

3 mins read

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The starting point of 2024 has a positive outlook for the Maker (MKR) coin, suggesting that the year may be productive. Activity has increased, according to on-chain data, indicating a potential positive trend.

Since the start of the year, the number of active addresses on a daily basis—a crucial indicator of user engagement—has increased significantly.

Presently, there are more than 600 addresses trading MKR, which is a 4% rise from the original 590. This increase in involvement suggests that there is increasing momentum and interest in the token.

Moreover, since the beginning of the year, there has been an over 5% increase in the establishment of new addresses only for MKR trading. This inflow of new players gives the ecosystem more room to flourish and more liquidity.

MKR Daily Active Addresses. Source: Santiment

2024 is off to a good start for MakerDAO, the driving force behind the DAI stablecoin in the decentralized finance (DeFi) space.

Analysts are upbeat, projecting steady returns and even calling it a safe pick given the volatile state of the cryptocurrency market. Still, let’s examine this more closely before jumping on the MKR bandwagon.

One of MakerDAO’s strongest points is its mature ecosystem. A key component of DeFi lending and borrowing is the MKR token, which controls the DAI stablecoin.

MKR market cap currently at $1.6 billion. Chart: TradingView.com

This mutually advantageous association has bestowed MakerDAO with considerable sway and a foothold in the market. However, to attribute its future exclusively to the Bitcoin ETF decision, as some contend, offers an inadequate perspective.

Although the crypto markets could benefit from an authorized Bitcoin ETF, it’s important to understand how complex and interwoven the sector is.

Regulations, the general use of DeFi, and even rivals’ actions impact MakerDAO’s trajectory. Ignoring these things could result in unrealistic expectations.

According to Coinglass data, there has been a notable spike in liquidations as a result of Maker’s hike from a minimum of $1,826 to a maximum of $1,928.

Source: Coinglass

The sudden surge in MKR’s value has forced the liquidation of more than $500,000 worth of short bets, defying the sellers’ gloomy projections.

There could be both good and negative effects on Maker’s pricing if the number of profitable addresses rises. Some 74% of addresses, or 69,400 addresses, are in profit, which is a two-year high, according to IntoTheBlock data.

This increase could lift buying pressure for the cryptocurrency as hopeful Maker holders may want to stockpile more tokens in expectation of future price improvements.

As the Maker market witnesses a surge with over 600 addresses completing MKR trades in a single day, the momentum appears robust and promising. This heightened activity signifies growing interest and participation in the MKR ecosystem.

Featured image from Freepik

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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