One decentralized finance (DeFi) altcoin has dramatically outperformed most of the crypto market in major market modifications.
Maker Cryptocurrency asset (MKR), the 52nd largest crypto asset by market capitalization, has risen by more than 28.5% in the last 7 days and is trading at $ 1,570 at the time of writing.
MKR is a governance token that supports DAI, a stablecoin that aims to be fixed to the US dollar one-on-one without a bank, government, or third party. Last week, as fellow stablecoin TerraUSD (UST) collapsed, DAI Mainly kept the peg intact. At the time of writing, it is trading at $ 1.00.
Cryptographic market stumbled upon news with key assets Bitcoin (BTC) Decreased by more than 2% in the past week, Ethereum (ETH) Reduced by almost 12%.
Cryptanalysis firm Santiment says Maker has witnessed major whale activity and a significant surge in transactions over $ 100,000 over the past few days. According to the company, the “major stakeholders” own the highest MKR supply ever.
Data science company Into The Block Report An address that holds at least 0.1% of MKR’s total circulating supply and currently owns 85% of Maker’s total supply. The company adds that 39% of addresses lost money, while 51% of addresses made money from MKR holdings.
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Featured images: Shutterstock / Natalia Siiatovskaia / Tithi Luadthong