There were a number of developments this week on stablecoin issuer Maker. In this article, we will examine the MKR price by touching on important news with you.
MKR Whale Activity is at the Top!
According to data from on-chain data tracking platform Santiment MakerDAO (MKR) whales have been on the move lately. After two multimillion-dollar transactions took place simultaneously in the last hours, MKR whale activity reached its peak in the last 3 months.
#Maker made its largest whale moves in over 3 months a couple hours ago. 24,331 $MKR ($17.4M) was moved to a whale address, and then another identically sized move was made. On downswings, massive moves like this are often correlated with turnarounds. https://t.co/dHYIdrHy3h pic.twitter.com/vk4dU1G46w
— Santiment (@santimentfeed) February 25, 2023
Santiment found that two different whale addresses were simultaneously moving $17.4 million worth of MKR tokens to other addresses.
Do Whales Get Makers?
on-chain MKR token supply, held by the best addresses, remained flat throughout February. However, there was a minimal improvement in this metric during the week.
In just one day, the number of daily active addresses increased by 60%.
MakerDAO Announces Spark
Maker, the issuer of the US dollar-pegged stablecoin DAI, announced its new protocol, called Spark, during the week. Sparks Lend through a new liquidity market DAI It aims to facilitate borrowing and lending transactions. The new debt platform could lead to increased investor interest.
MKR Price
MakerDAO’s native token MKR is moving up on the last day of the week while the market is sluggish.
MKR, which started the year around $500, climbed up to $820 in the first days of February. Although Maker moved sideways in February, it managed to stay above the 200-day exponential moving average (blue colour).
$MKR It is trading at $740, up 4.20% daily.
This article was originally published on Bitcoinsistemi.com.