Ethereum, as the largest DeFi blockchain, has a slew of protocols vying for the top slot. And it appears that Maker has taken it this week.
Despite the fact that the larger market hasn't been kind to other coins, MKR looked to do much better.
Maker establishes a new high.
The month of October marked a high-water mark for most coin price movements. Maker, on the other hand, had its price skyrocket in the last few days of October and the first few days of November.
In fact, MKR has surged extremely high this week, putting several cryptocurrencies' month-long gains to the test. It was up 44.48 percent this week, to be precise. Furthermore, Maker's price has increased by almost $1100 in the last 24 hours, a 30 percent increase.
But it hasn't simply left its imprint on the spot market. The Maker protocol has performed very well even in the DeFi space, with its TVL increasing by nearly $7 billion.
As a result, the protocol outperformed Curve, the previous DeFi leader, to take the top spot on the charts.
As a result, the Maker token's market value increased for the first time in two months yesterday.
MKR presently earns over $230,000 in daily interest with over eight billion DAI issued. This not only makes the protocol a success, but it also makes MKR a profitable investment.
Investors, too, heaved a sigh of relief when MKR began to rise. Investors finally woke up on October 27th and took advantage of the rally. As a result, major transaction volumes soared to a nearly three-month high. These are transactions that are valued more than $100,000 each. This suggests that whales and their wealthier cohorts were the first to respond.
Make massive transactions | Source: AMBCrypto – Intotheblock
Second, now that we are seeing an increase in Long Term Holders, holders are becoming more serious about MKR.
Finally, after seven months, these holders' numbers have increased by 9% in the previous two months. During such rallies, it is important to remember that growth will eventually work in the altcoin's advantage.
Distribution of Maker holders | Source: Intotheblock – AMBCrypto
As a result, Maker appears to be in a good place. However, investors must maintain their bullishness, or all of this progress might be overturned.
