The past few days have favored altcoins with incredible gains. Among the soaring coins is MakerDAO\u2019s governance token Maker (MKR). MKR witnessed impressive price performance in the last seven days, outpacing top cryptocurrencies with over a 48% price increase on the weekly top gainers\u2019 chart.<\/p>\n
CoinMarketCap data<\/a> shows that Maker (MKR) price recorded a significant gain of 46.78% among top gainers over the past 30 days. As of the time of writing, the token has recorded a 24-hour price increase of 12.96%.\u00a0<\/p>\n Maker\u2019s bullish price action attracted the attention of market participants after climbing to over $1,000 from a price of $677 recorded on June 28. Although it recorded pullbacks here and there, MKR price<\/a> still saw massive rallies within the past seven days.<\/p>\n Related Reading: USDC Circulating Supply Down 38% Since Jan. 1 \u2013 Will It Affect Price?<\/a><\/p>\n The token price experienced a slight dip after trading at $704 on June 25. However, it recovered momentum and rose from $677.88 on June 28 to $834 on June 30, a 21% increase from the June 28 opening price.\u00a0Maker rode a consistent bullish wave to its current price of $1,032, with a 49% gain over the past seven days.\u00a0<\/p>\n Since the start of June, MKR has recorded two major price rallies. From July 1, MKR\u2019s price surged 21%, rising above $830 from $687 on June 30. MKR token\u2019s valuation increased by 8% in the early hours of July 3, bringing the price to $929.87, a 3-month high since March.\u00a0<\/p>\n The token\u2019s trading volume has also spiked, suggesting increased market activity and buying pressure. At press time, Maker\u2019s trading volume is at $117 million, with a 71.53% increase in the last day. Maker saw a sharp spike in trading volume from June 28. The trading volume went from $25 million to $126 million on June 30 before dipping below $70 million.<\/p>\n However, data shows the bulls are back as the uptick in trading volume resumed on July 3 and now stands at $125 million.<\/p>\n Moreover, the overall protocol performance has improved. MakerDAO is in second place in DefiLlama\u2019s protocol rankings<\/a>. It is trailing behind Lido with a TVL of $6.205 billion.\u00a0The protocol recorded a 24-hour decline of 0.92% and a 1-month increase of 0.97%.<\/p>\n The specific factor driving MKR\u2019s price action remains unclear. But the overall positive sentiment in the broader crypto market appears to have robbed off on the token.\u00a0<\/p>\n Spark Protocol<\/a>, a Maker-powered lending platform launched<\/a> on May 8, 2023, and appears to have received increased user interest. Spark Protocol developers, Phoenix Labs, launched a multi-chain proposal<\/a> for Spark Protocol to allow cross-chain deposits and withdrawals for DAI borrowers.<\/p>\n Currently, DAI borrowing on Spark Protocol has surpassed the previous debt ceiling<\/a> of 5 million DAI to 8.16 million. This suggests increased lending activity in the protocol, increasing MKR transactions since it is the utility token for Spark Lending.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n The past few days have favored altcoins with incredible gains. Among the soaring coins is MakerDAO\u2019s governance token Maker (MKR). MKR witnessed impressive price performance in the last seven days, outpacing top cryptocurrencies with over a 48% price increase on the weekly top gainers\u2019 chart.<\/p>\n CoinMarketCap data<\/a> shows that Maker (MKR) price recorded a significant gain of 46.78% among top gainers over the past 30 days. As of the time of writing, the token has recorded a 24-hour price increase of 12.96%.\u00a0<\/p>\n Maker\u2019s bullish price action attracted the attention of market participants after climbing to over $1,000 from a price of $677 recorded on June 28. Although it recorded pullbacks here and there, MKR price<\/a> still saw massive rallies within the past seven days.<\/p>\n Related Reading: USDC Circulating Supply Down 38% Since Jan. 1 \u2013 Will It Affect Price?<\/a><\/p>\n The token price experienced a slight dip after trading at $704 on June 25. However, it recovered momentum and rose from $677.88 on June 28 to $834 on June 30, a 21% increase from the June 28 opening price.\u00a0Maker rode a consistent bullish wave to its current price of $1,032, with a 49% gain over the past seven days.\u00a0<\/p>\n Since the start of June, MKR has recorded two major price rallies. From July 1, MKR\u2019s price surged 21%, rising above $830 from $687 on June 30. MKR token\u2019s valuation increased by 8% in the early hours of July 3, bringing the price to $929.87, a 3-month high since March.\u00a0<\/p>\n The token\u2019s trading volume has also spiked, suggesting increased market activity and buying pressure. At press time, Maker\u2019s trading volume is at $117 million, with a 71.53% increase in the last day. Maker saw a sharp spike in trading volume from June 28. The trading volume went from $25 million to $126 million on June 30 before dipping below $70 million.<\/p>\n However, data shows the bulls are back as the uptick in trading volume resumed on July 3 and now stands at $125 million.<\/p>\n Moreover, the overall protocol performance has improved. MakerDAO is in second place in DefiLlama\u2019s protocol rankings<\/a>. It is trailing behind Lido with a TVL of $6.205 billion.\u00a0The protocol recorded a 24-hour decline of 0.92% and a 1-month increase of 0.97%.<\/p>\n The specific factor driving MKR\u2019s price action remains unclear. But the overall positive sentiment in the broader crypto market appears to have robbed off on the token.\u00a0<\/p>\n Spark Protocol<\/a>, a Maker-powered lending platform launched<\/a> on May 8, 2023, and appears to have received increased user interest. Spark Protocol developers, Phoenix Labs, launched a multi-chain proposal<\/a> for Spark Protocol to allow cross-chain deposits and withdrawals for DAI borrowers.<\/p>\nMaker\u2019s Price Movement in The Past Week<\/h2>\n
Factors Influencing Maker (MKR)\u2019s Price Performance<\/h2>\n
Maker\u2019s Price Movement in The Past Week<\/h2>\n
Factors Influencing Maker (MKR)\u2019s Price Performance<\/h2>\n