Maker (MKR) Faces 21% Peak in Whale Activity: Details
Maker, which peaked at about 100% at one point, also reports increased whale activity
Maker token, which is up more than 35% this week, reaching 90% gains at one point, is also showing a spike in the activity of major wallets on the network, according to on-chain data provided by Holiness†
The blockchain saw a 21% increase in whale activity after the token showed huge gains in the cryptocurrency market. In addition to an increasing number of transactions on portfolios worth more than $100,000, key stakeholders currently own the highest percentage of the MKR offering.
#Creator has seen significant whale activity in the past few days, and the biggest spike in $100k+ trades propelled the asset up +21% over the past week and another +18% in the past day. Key stakeholders own a #AllTimeHigh in $MKR to deliver. https://t.co/l8wd61JT2b pic.twitter.com/Ua2gkAw48I
— Santiment (@santimentfeed) May 14, 2022
On May 11, MKR achieved a record 100% of its price in less than 24 hours. But due to the high selling pressure in the market, the price of the token plummeted and lost all its growth in a matter of hours.
Why did Maker’s price rise so suddenly?
Since developers have not provided any fundamental updates or news recently, we can conclude that the massive 35% token growth is purely speculative and could also be related to the demise of the Terra ecosystem.
Maker is the governance token of the MakerDAO and Maker Protocol, an Ethereum-based ecosystem that enables the issuance of the DAI stablecoin. The purpose of the token could hold the key to its massive growth as users holding funds in UST stablecoin could look for alternative solutions such as Maker.
Maker is the authority on DAI stablecoins, a community-owned decentralized stablecoin that is soft-pegged to the US dollar. The dollar pegging is achieved using the cryptocurrency-based collateral, deposited in a smart contract.