Maker (MKR) Records Upward Momentum as Holders Prepare to Take Profits

Sky ecosystem's previous token, Maker, is recording upward momentum as holders prepare to take profits.

Maker (MKR) is up 11% in the past 24 hours and is trading at an intraday high of $1,280 at the time of writing. The asset’s market cap has surpassed the $1.1 billion mark, making it the 64th-largest cryptocurrency.

The token’s daily trading volume also increased by 120%, reaching $150 million.

MKR’s gains come as the broader cryptocurrency market has seen a slight recovery in recent days. Bitcoin (BTC) is up 2% in the past 24 hours and is trading at $21,000, while Ethereum (ETH) has seen a 1% gain and is trading at $1,600.

The asset is still down by 80% from its all-time high of $6,339 on May 4, 2021. However, MKR’s recent gains have shown that there is still interest in the token despite the bear market.

According to data provided by IntoTheBlock, 50% of MKR holders, accounting for 47,560 addresses, are currently in profit. Almost 5% of the investors are close to their initial investment and the remaining 45%, 43,700 addresses, are still at a loss.

The number of Maker daily active addresses in profit also rose from seven to 48 over the past week.

While this number is much lower than the total number of MKR holders, the profit-taking could still impact the asset’s price considering that over 81% of the token supply is sitting in whale wallets.

Notably, the large holder accumulation has been cooling down since Oct. 26 when MKR was hovering below the $1,100 mark, per ITB data.

Data from ITB shows that the whale transactions consisting of at least $100,000 worth of MKR rose from 14 to 38 over the past three days. Over $72 million in such transactions have been recorded in the last seven days.

The amount of MKR exchange net inflows has also been increasing over the past week. According to ITB, Maker recorded an exchange net inflow of $4.27 million on Oct. 30 alone.

The Sky ecosystem, formerly known as Maker, has been wandering in an identity crisis after its rebranding. Rune Christensen, co-founder of Maker, made a proposal to return to its old name while the DAI (DAI) replacement’s, USDS, supply reached one billion tokens in two weeks.

The rebranding decision is likely to be announced in mid-November.

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