{"id":568246,"date":"2024-01-05T14:00:57","date_gmt":"2024-01-05T14:00:57","guid":{"rendered":"https:\/\/uniquehot.com\/?p=568246"},"modified":"2024-01-05T12:52:55","modified_gmt":"2024-01-05T12:52:55","slug":"maker-market-heats-up-over-600-addresses-complete-mkr-trades-in-single-day","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/maker-market-heats-up-over-600-addresses-complete-mkr-trades-in-single-day\/","title":{"rendered":"Maker Market Heats Up: Over 600 Addresses Complete MKR Trades In Single Day"},"content":{"rendered":"
The starting point of 2024 has a positive outlook for the Maker (MKR) coin, suggesting that the year may be productive. Activity has increased, according to on-chain data, indicating a potential positive trend.<\/p>\n
Since the start of the year, the number of active addresses on a daily basis\u2014a crucial indicator of user engagement\u2014has increased significantly.<\/p>\n
Presently, there are more than 600 addresses trading MKR<\/a>, which is a 4% rise from the original 590. This increase in involvement suggests that there is increasing momentum and interest in the token.<\/p>\n Moreover, since the beginning of the year, there has been an over 5% increase in the establishment of new addresses only for MKR trading.\u00a0This inflow of new players gives the ecosystem more room to flourish and more liquidity.<\/p>\n <\/p>\n 2024 is off to a good start for MakerDAO, the driving force behind the DAI stablecoin in the decentralized finance (DeFi) space.<\/p>\n Analysts are upbeat, projecting steady returns and even calling it a safe pick given the volatile state of the cryptocurrency market. Still, let’s examine this more closely before jumping on the MKR bandwagon.<\/p>\n One of MakerDAO’s strongest points is its mature ecosystem. A key component of DeFi lending and borrowing is the MKR token, which controls the DAI stablecoin.<\/p>\n <\/p>\n This mutually advantageous association has bestowed MakerDAO with considerable sway and a foothold in the market. However, to attribute its future exclusively to the Bitcoin ETF decision, as some contend, offers an inadequate perspective.<\/p>\n Although the crypto markets could benefit from an authorized Bitcoin ETF, it’s important to understand how complex and interwoven the sector is.<\/p>\n Regulations, the general use of DeFi, and even rivals’ actions impact MakerDAO’s trajectory. Ignoring these things could result in unrealistic expectations.<\/p>\n According to Coinglass data, there has been a notable spike in liquidations<\/a> as a result of Maker’s hike from a minimum of $1,826 to a maximum of $1,928.<\/p>\nMKR Daily Active Addresses. Source: Santiment<\/pre>\n
MKR market cap currently at $1.6 billion. Chart: TradingView.com<\/a><\/pre>\n
Source: Coinglass<\/pre>\n