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Maker (MKR) Addresses Hit 10-Week High, Here's How Price Reacts

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Thu, 28/09/2023 - 9:25
Maker (MKR) Addresses Hit 10-Week High, Here's How Price Reacts
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Maker (MKR), the native digital currency of the decentralized infrastructure and software services provider, has been charting impressive growth leaps in recent times, and the reason has just been uncovered by Santiment. According to the data analytics service provider, the number of active MKR addresses has hit a 10-week high.

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This data underscores the fact that while there are more addresses, indicating more users are making their way into the Maker ecosystem, those already backing the protocol are becoming much more active altogether. As Santiment pointed out, this coincides with the moment the price of the altcoin jumped to $1,500.

At the time of writing, Maker is changing hands at a price of $1,528.38, up by 7.35% over the past 24 hours. This current growth rate is just proof that Maker has not slowed its pace in any form thus far this month, as proven by the more than 14% surge it has printed in the trailing seven-day period to date.

Santiment warns, however, that Maker investors need to beware of the current inflow of the tokens to exchanges, a trend that might signify a major dump incoming in the short term.

Maker precedent

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If there is an altcoin whose growth path has proven to be different from the majority in the pack, then Maker it will be. The token's growth in recent times has proven that it now maintains a relatively lower correlation when compared to Bitcoin (BTC), whose growth momentum has been more range-bound in recent times.

Maker has featured consistently as one of the best-performing tokens on a number of days. As reported, the token has been able to chart this growth curve in part because it has remained innovative, ushering in new use cases for its backers in some of the most important hubs like South Korea.

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