The altcoin market displays early signs of recovery, with several medium-cap altcoins leading the way, notably Maker (MKR) and Chainlink (LINK). Maker, an Ethereum-based token integral to the governance of the Maker protocol and DAI stablecoins, has surged by over 44 percent in the past 39 days, trading at around $1,492 in the early Asian market.
MKR’s impressive price action can be attributed to its low supply of approximately 1 million tokens and heightened demand fueled by the widespread adoption of DAI stablecoins.
Santiment, a market intelligence platform, advises traders to exercise caution amid the ongoing relief rally in Maker (MKR). Additionally, Santiment has detected a notable increase in activity, with around 5,090 MKR tokens, equivalent to approximately $7.6 million, deposited to centralized exchanges from self-custodial wallets. This uptick in exchange deposits may signify a forthcoming market reversal.
Over the past few weeks, Santiment has also reported a significant surge in daily active addresses related to MKR, reaching approximately 651 addresses. This is the highest number in over two months. Interestingly, this increase in daily active addresses coincides with MKR’s price rally, surpassing the $1,500 mark for the first time since May 2022, signaling the initiation of a macro bull rally.
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