Maker (MKR) is currently making waves in the cryptocurrency market with an impressive surge in value. Over the past month, MKR has exhibited remarkable growth, experiencing a substantial 40% increase in price. Today, the crypto flexes its muscle and leads the roster of top 50 coins.
One noteworthy development amidst this rally is the strategic maneuver executed by a prominent crypto whale. This entity recently deposited 3,527 MKR tokens on the Binance exchange, capitalizing on the upward trajectory of MKR’s price.
This shrewd move has boosted the whale’s total MKR holdings to an impressive 10,000 tokens, resulting in a staggering $5.12 million in profits. This remarkable increase in value underscores the attractiveness of MKR as a lucrative investment in the current crypto landscape.
The price of $MKR has increased by ~40% in the past 1 month and topped $1,500 today.
— Lookonchain (@lookonchain) September 28, 2023
As of the latest data from CoinGecko, MKR is currently trading at $1,553, reflecting a notable 4.1% gain in the past 24 hours and an impressive seven-day surge of 20%. What sets this rally apart is the consistency in MKR’s price patterns, characterized by higher highs and higher lows, a clear indicator of a bullish trend in the market.
The Relative Strength Index (RSI), according to recent price analysis, lends further credence to this bullish sentiment, with a reading of 79.34, indicating robust bullish momentum surrounding the MKR token.
📈 #Maker‘s price has now surged +40% in the past 16 days with its active addresses hitting a 10-week high in tandem with the asset crossing $1,500. An inflow of $MKR moving to exchanges is something to be cautious of for at least a temporary local top. https://t.co/oFeijYNZCO pic.twitter.com/rStBGX6TdM
— Santiment (@santimentfeed) September 28, 2023
In addition to the price surge, data provided by Santiment reveals that the number of active MKR addresses has reached a 10-week high. This not only signifies an influx of new users into the Maker ecosystem but also highlights heightened activity among existing supporters of the protocol.
MKR market cap currently at $1.5 billion. Chart: TradingView.com
Interestingly, this surge in activity coincided with MKR’s price surpassing the $1,500 threshold, suggesting a correlation between price action and increased user engagement.
However, amid the optimism, Santiment issues a cautionary note for MKR investors. They emphasize the importance of vigilance concerning the current influx of tokens to exchanges, as this trend may foreshadow a potential market correction in the short term.
While the current bullish momentum is undeniable, investors should remain cautious and mindful of the potential market dynamics in the coming days.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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