MakerDAO recorded a substantial improvement in performance within the last 30 days. Messari data showed that the borrow, withdrawal, and deposit volume noted significant growth over the previous month. The deposit volume recorded a 15.35% surge.
Moreover, the net borrows and withdrawal volume increased by 1.70% and 40.36%, respectively. This activity uptick attracted whale attention.
| Name | Price | 24H (%) |
|---|---|---|
 Bitcoin(BTC) | $105,253.00 | 2.37% |
 Ethereum(ETH) | $3,940.03 | 1.18% |
 Dogecoin(DOGE) | $0.399299 | -0.88% |
 Cardano(ADA) | $1.07 | -1.86% |
 Polygon(MATIC) | $0.60 | -2.67% |
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Whale Efforts
A cryptocurrency tracking site, WhaleStats, revealed MKR as one of the top ten tokens Ethereum whales purchased on November 6. While publishing this news, ETH whales held MKR worth $73 million. Meanwhile, Santiment’s chart shows the supply by leading addresses recorded an upswing within the previous few days.
That confirmed the narrative that MKR enjoyed increased interest from dominant investors. Nevertheless, the same timeframe saw MakerDAO’s network growth on a continued decline.
That showed new wallets that transacted the asset for the first time plummeted. Moreover, the MVRV (Market Value-Realized Value) ratio maintained a negative stance in that period.
MKR in the Open
Though MakerDAO’s journey to the top had several ups & downs, the project maintained consistent revenue growth. That might be because the blockchain generated half of its revenue from ‘real-world’ assets, primarily MIP65 near-term bonds, GUSD rewards, and ETF.
Meanwhile, the ever-soaring revenue means the chances that DAI holders might receive rewards to amplify MakerDAO’s growth. Such a development could generate more interest in DAI, MakerDAO’s stablecoin.
Moreover, Santiment showed DAI’s monthly transaction count plummeted within the previous few months. The highlighted update might trigger increased interest in DAI, translating to a positive effect on the stablecoin’s growth.
While publishing this content, DAI ranked 4th in stablecoins’ rank by market capitalization (Coinmarketcap data). Meanwhile, its volume slumped by 41% within the previous day, as the market cap lost 0.01%.
Nevertheless, MKR’s price noted upside tendencies, growing by 4% during this writing. While publishing this content, the alternative token changed hands at $895.72. Meanwhile, its volume had declined by 24% within the previous day. It’s intriguing to watch upcoming developments.
What are your thoughts about the above analysis? Feel free to leave a comment in the reply section below.
