Top-35 Altcoin Ignores Crypto Market Doldrums and Surges by Nearly 45% in the Past Month Amid Spike in Activity
A top-35 altcoin has jumped by nearly 45% in the past month, dramatically outpacing most of a middling crypto market.
The native governance token of the decentralized finance (DeFi) protocol Maker (MKR) is trading for $1,513 at time of writing, up from $1,047 one month ago.
The 34th-ranked crypto asset by market cap is also up more than 16% in the past seven days and nearly 3% in the past 24 hours.
Maker supports the decentralized stablecoin DAI, which aims to maintain a 1:1 peg to the US dollar. With a market cap of $3.81 billion, DAI is the third-ranked stablecoin by size after USDT ($83.22 billion) and USD Coin (USDC) ($25.54 billion).
MKR’s recent price surge materialized amid an uptick in address activity, according to Santiment. The crypto analytics firm notes that the asset recently hit a 10-week high in terms of daily active addresses.
Crypto tracker Lookonchain also notes that a couple of crypto whales executed MKR purchases on Wednesday, with one spending 899 Ethereum (ETH) worth $1.44 million to buy 958 MKR, and another spending 800,000 USDT to pick up 536 MKR.
Despite the price gains in the past month, MKR remains nearly 76% down from its all-time high of more than $6,292, which it hit in May 2021.
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