Maker up 74% over past 30 days Maker up 74% over past 30 days

Maker up 74% over past 30 days

The number of active addresses and addresses with a non-zero balance have been spiking while more and more MKR are leaving exchanges.

Maker up 74% over past 30 days

Cover art/illustration via CryptoSlate

Ethereum (ETH) based MakerDAO‘s native coin MKR is up 74% over the last 30 days and currently trading at $1,059, according to CryptoSlate data.

However, MKR has been following a downtrend since the beginning of the year, when it was worth roughly $2,680. As of Oct. 20, the price is down nearly 60% from January.

MKRUSD
MKRUSD

Despite that, the number of active addresses that hold MKR and the number of addresses with a non-zero balance has been increasing, and more and more MKR coins have been leaving exchanges since the beginning of 2021. These indicators signal a strong buy-and-hold tendency amongst MKR investors.

Wallets

While the number of active wallets is much lower than at the beginning of 2021,ย  the number of wallets with non-zero balances is gradually growing.

Addresses with non-zero balances

The number of wallet addresses with non-zero balances decreased sharply during the first five months of 2021. Even though the growth rate slowed down in May 2021, it continued its upward trend until October.

The number of wallet addresses with non-zero balances stood just above 50,000 at the beginning of 2021. During the first five months of the year, this number increased by 40% to just above 70,000 in May 2021.

As of Oct. 20, there are almost 90,000 wallets with non-zero balances, which indicates an increase of 80% from the numbers in January 2021. The chart demonstrates that more and more wallets have been acquiring MKR since 2021.

Active wallets

The number of active wallet addresses is displayed in the chart below. Today, there are nearly 400 active addresses compared to the 4,000 recorded at the beginning of 2021.

Number of active addresses with MKR
Number of active addresses with MKR

Even though this number was almost twice, around 800,000 at the beginning of 2021, it decreased to below 400,000 at the beginning of 2022 and remained more or less around the same level until today.

Considering the spike in the number of addresses with non-zero balance, decreasing number of active addresses indicates that investors have been going dormant since the beginning of 2021.

MKR held on exchanges

In addition, MKR tokens have been leaving exchanges since the beginning of the year, which completes the picture indicating the buy-and-hold tendencies of MKR investors.

coins leaving exchanges

The chart above shows the MKR balance on all exchanges since the beginning of 2021. Except for short periods in May and November of 2021 and 2022, where exchanges accumulated, MKR tokens have been leaving exchanges for two years.

When all is considered together, it can be said that more and more MKR investors have been buying and holding tokens since the beginning of 2021. A similar trend of purchasing and holding appears in Bitcoin (BTC), as explained by recent CryptoSlate research.

Posted In: Uncategorized

Connect your wallet, trade with Orion Swap Widget.

Directly from this Widget: the top CEXs + DEXs aggregated through Orion. No account, global access.