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Market optimism subsided in January, but some tokens are rising contrary to general trends. Which coins have become the top 5 fastest-growing cryptocurrencies this month?
MakerDAO, issuer of the DAI stablecoin, has seen a notable shift in the composition of its balance sheet as a result of the combination of macroeconomic events and surging crypto markets.
After displaying a bearish trend for a brief period, the Maker token has displayed a significant jump of over 8% to its portfolio within the past day. Further, the MKR token has added over 25% in valuation within this month, indicating a positive outlook for the altcoin in the coming days.
Maker DAO's MKR has been a dominant force in real-world asset (RWA) transactions within decentralized finance (DeFi), boasting a daily average of $94.5 million in RWA-related transactions in the second week of January. Despite this impressive transaction volume, there are underlying challenges that investors need to consider.
MakerDAO, a blockchain protocol, is strategically positioning itself as a frontrunner in the real-world assets (RWA) sector, gaining significant attention within the crypto industry in recent times.
The recent approval of spot Bitcoin Exchange-Traded Funds (ETFs) did not elicit the positive response many anticipated. Instead, this significant development triggered a “sell-the-news” reaction, leading to a significant drop in Bitcoin's value. Since January 11, Bitcoin's price fell by 15%, descending from $48,700 to a low point of $41,500.
Crypto-backed loans now make up more than half MakerDAO's revenue, surpassing RWA.
Since the start of 2024, daily USD volumes have risen to levels not seen in the last six months. The post MKR pumps 53% in 30 days as long positions rise appeared first on AMBCrypto.
On-chain data suggests that whales are accumulating large amounts of Maker (MKR) and Aave (AAVE), two leading decentralized finance (DeFi) tokens. This accumulation trend coincides with a broader cooling-off period in the crypto scene days after the United States Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs.
MKR's supply on exchanges has reached its lowest point in the last three months, contributing to the upward momentum in its price.
Maker is making waves as it enters Coingecko's top gainers list this week with massive bullish pressure on the market. MKR is up nearly 34% in the bi-weekly timeframe, but long-term investors are enjoying bigger rewards as the token is up 205% year-to-date, and currently trading a little above $1,800.
An early crypto whale that was formerly dormant has suddenly revived to make its first move in years.
The SEC's decision on the spot Bitcoin ETF applications could impact altcoins like ICP, ARB, STX and MKR.
Santiment has pointed out the altcoins that are currently observing a signal that has often accompanied market cap growth in the past.
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.
Since the year began, Maker has witnessed a growth in daily active addresses and new demand for the token.
Wednesday's crypto market sell-off sent Bitcoin and most altcoins tumbling, with losses exceeding double digits. Bitcoin price plunged to $40,000 after brushing shoulders with $46,000, while Ethereum, after reaching $2,400, fell back to test support at $2,100.
Crypto Price Prediction: The crypto market witnessed a sudden sell-off during the early hours of December 3rd. The Top two leading coins Bitcoin and Ethereum showcased a 6% and 6.87% dip evaporating the gains justified in the first two days of 2024.
Accumulation of Maker (MKR) tokens has surged in the past week, with three new wallets purchasing $18.6 million worth of MKR. This significant acquisition signals growing interest in MakerDAO's governance token.
MakerDAO is among the most prominent protocols within the decentralized finance sector. The crypto project has attracted wealthy investors amid massive growth forecasts in the upcoming year. Lookonchain shows three fresh whales purchased MKR tokens consistently over the past week. These investors scooped assets worth around $18.6 million (11,610 MakerDAO coins) from exchange Binance.
MKR experiences a notable surge in interest, potentially spurred by rising whale engagement.
MakerDAO has dominated the decentralized finance (DeFi) industry for a while, with its stablecoin DAi and native coin MKR keeping the project afloat. Meanwhile, crypto intelligence network Messari trusts the company will generate substantial returns in 2024.
Fresh wallets have started to accumulate LINK and MKR in hopes of a price uptick.
The data from on-chain analytical platforms suggests that the whales have their eyes on two altcoins, namely Chainlink (LINK) and Maker (MKR).
