MKR prices have risen more than 40 percent since June 26, causing its price to climb above the $2,500 resistance mark. The cryptocurrency stood close to resistance after testing this level on June 30 – hence speculation as to whether the coin could see further gains.
Here are the critical AAVE, MKR, UNI and COMP data
A recent Santiment report highlighted that MKR’s daily active addresses rose 97% over the past week, with a sharp increase in the unique address activity of other DeFi tokens. He noted a new wave of demand for DeFi, noting that “the sustained increase in address activity could be an early sign of increased network trust. The report also highlights:
- AAVE’s daily active addresses have increased by +24.1% since Monday.
- MKR’s daily active addresses have increased by +97% since Monday.
- UNI’s daily active addresses have increased by +72.5% since Monday.
- COMP’s daily active addresses +72% since Monday. 8 increased.
Maker is in promising market position
Shortly after this report, MKR turned bullish and has been trading above $2,600 for the past 2 days. One of the drivers of this rise can be seen as the much-anticipated full decentralization of the Maker protocol. More recently, Governance Facilitators placed a poll on the voting system on behalf of the MakerDAO Open Market Committee on June 28.
According to Varuni Trivedi, a crypto journalist, while Maker’s market position looks promising, there are some key metrics to watch out for. For example, there has been a steady increase in active addresses on the network, according to the Santiment report. Similarly, an increase in stock market entry is predicted as the coin price breaks the $2,500 level. At the time of writing, Maker is trading at $2,713.
In addition, as seen in the chart above, the number of whale transactions is starting to increase. According to the expert, the increasing transaction volume also shows the increasing interest in the coin. For more altcoin news Cryptocoin. com “Bitcoin, XRP and ETH are on the Fall! You can review our article titled “This Altcoin Has Jumped”.
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