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After rallying over 170% from June 2023 lows, there are signs that Maker (MKR) bulls are losing momentum, looking at price action and decisions by various whales acting via an intermediary. At spot rates, MKR is changing hands at near 2023 highs but is down 16% from October highs.
In the early hours of October 24, Maker (MKR) briefly touched an impressive price point of $1,650, marking its highest value for the entire year of 2023. This remarkable performance has garnered considerable attention, especially since MKR has managed to outshine the leading cryptocurrency, Bitcoin (BTC), by doubling its 90-day growth rate.
MKR's pullback hit a crucial bullish zone and major liquidation level that could resist further plunge. But more BTC losses could complicate MKR's reversal.
The Maker (MKR) price yearly high of $1,650 was reached today. It was the highest price since May 2022.
MakerDAO's annualized revenue obtained from network fees has rallied to an all-time high due to a surge in activity around real-world assets on the lending protocol.
Frax Finance has entered the yield bearing stablecoin sector. Despite the new offering, however, all is not well yet.
Maker Protocol, a leading stablecoin issuer on the Ethereum platform, reported a record annualized revenue of $203 million on October 19. This significant milestone has been influenced, in part, by the rise in U.S. treasury yields this year.
The total value locked in Gnosis Chain has doubled from $75 million to approximately $150 million since the beginning of October
The stablecoin issuer's revenue is up on high U.S. treasury yields and increased yields for DAI holders through Gnosis chain integration.
Story Highlights The live Price of Maker Dao is . Maker price could possibly surge as high as $1,831.61 by the end of 2023. MKR price with a potential surge could go as high as $4,391.63 by the end of 2030.
Maker's pullback cracked a key price level of $1405 and could tip sellers to extend shorting gains.
MKR transfer event has captivated the attention of the cryptocurrency community.
In a significant cryptocurrency transaction, a staggering 6,000 Maker (MKR) tokens, surpassing a whopping $8.4 million in value, were recently transferred from the Binance exchange to an undisclosed destination. This digital asset shuffle has certainly piqued the curiosity of the crypto community.
Whales show growing interest in MKR, defying the bearish trend, while MakerDAO explores integration with zkSync for further expansion.
Maker's long-term price action was on a downtrend but the pullback faced a key obstacle at $1300
A whale withdrew Maker worth millions, which resulted in a price uptick. Market sentiment around MKR also remained bullish.
Savvy crypto investors—often dubbed “crypto whales” due to their sizable holdings, which can influence market trends have recently been setting their sights on a select group of altcoins, potentially aiming to capitalize on their prospective gains. Recent developments, such as the US Federal Reserve's (Fed) hint at pausing rate hikes and speculations around the approval of more futures exchange-traded funds (ETFs) in the U.S., are suspected to be the catalysts steering crypto whale interests, according to Marti, a recognized voice from the Altcoin Buzz YouTube channel.
The crypto markets are losing momentum; the prices of popular cryptos like Bitcoin, Ethereum, etc. and the other cryptos in the top 10 have faced a significant plunge. Amid the rising bearish influence over the markets, some of the altcoins have managed to mark some gains, being the gainers for the day.
Amid DeFi challenges, MakerDAO demonstrates growth as DAI supply rebounds. SubDAOs are introduced to bolster governance and diversify functions.
MKR declines by more than 10% in the last week. Notwithstanding the token's price plummet, whales increase their accumulation.
MakerDAO sheds 11% in TVL in the past month, causing it to fall to fourth place in the ranking of DeFi protocols.
In the ever-changing world of cryptocurrencies, one project stands out for its resilience and success—MakerDAO. Central to Maker's accomplishments is DAI, a decentralized stablecoin linked to the Ethereum blockchain.
MKR's reversal eased at a key confluence zone, attracting MKR buyers.
In conjunction with DAI, Maker's revenue has been at impressive levels. With some upcoming development, emerging competition may not stop Maker's bullish potential.
