In recent days, altcoins have favored with incredible gains. One of the rising coins is MakerDAO’s governance token Maker (MKR). MKR witnessed an impressive price performance over the past seven days, outperforming the top cryptocurrencies with a price increase of over 48% on the weekly top gainers chart.
CoinMarketCap facts shows that the price of Maker (MKR) posted a significant gain of 46.78% in the last 30 days among the top movers. At the time of writing, the token has registered a 24-hour price increase of 12.96%.
Maker price movement in the past week
Maker’s bullish price action caught the attention of market participants after rising above $1,000 from a price of $677 recorded on June 28. Although it registered pullbacks here and there, MKR price still saw massive rallies in the past seven days.
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The token price experienced a slight dip after trading at $704 on June 25. However, it recovered and rose from $677.88 on June 28 to $834 on June 30, a 21% increase from its June 28 opening price. Maker rode a consistent bullish wave to the current price of $1,032, gaining 49% over the past seven days.
Since the beginning of June, MKR has registered two major price increases. As of July 1, the price of MKR is up 21%, rising from $687 on June 30 to above $830. The MKR token’s valuation rose 8% in the early hours of July 3, bringing the price to $929.87, a 3-month high since March.
The token’s trading volume has also increased, suggesting increased market activity and buying pressure. At the time of writing, Maker’s trading volume is $117 million, up 71.53% on its last day. Maker saw a sharp spike in trading volume from June 28. Trading volume went from $25 million to $126 million on June 30 before dropping below $70 million.
However, data shows that the bulls are back as trading volume surge resumed on July 3 and now stands at $125 million.
In addition, the overall performance of the protocol has been improved. MakerDAO is in second place DefiLlama’s protocol ranking. It lags Lido with a TVL of $6.205 billion. The protocol recorded a 24-hour decrease of 0.92% and a 1-month increase of 0.97%.
Factors Influencing Maker Price Performance (MKR).
The specific factor driving MKR’s price action remains unclear. But the overall positive sentiment in the broader crypto market seems to have robbed on the token.
Spark protocola Maker powered lending platform launched on May 8, 2023 and seems to have gained more interest from users. Spark Protocol developers, Phoenix Labs, have a multi-chain proposal for Spark Protocol to enable cross-chain deposits and withdrawals for DAI borrowers.
Currently, DAI lending on Spark Protocol has surpassed the previous one debt ceiling from 5 million DAI to 8.16 million. This suggests increased lending activity in the protocol, increasing MKR transactions as it is the utility token for Spark Lending.
Featured image from Pixabay and chart from TradingView.com