Maker surges 11%, bringing 50% of holders to the profit zone

Maker, the previous token of the Sky ecosystem, is gaining bullish momentum as its holders prepare to profit.

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

MKR price | Source: crypto.news

MKR’s daily training volume increased by 120%, reaching $150 million. Despite the gains, Maker is still down 80% from its all-time high of $6,339 on May 4, 2021.

High trading volume indicates increased interest in the token. However, the sudden rise may trigger a price correction due to greedy market conditions.

50% of MKR holders are in profit

According to data provided by IntoTheBlock, 50% of MKR holders (47,560 addresses) are currently in profit. Approximately 5 percent of investors are close to their initial investments, and the remaining 45 percent, 43,700 addresses, are still at a loss.

Moreover, the number of Maker’s daily active profitable addresses increased from seven to 48 last week.

MKR DAA out of profit | Source: IntoTheBlock

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

According to ITB data, the large investor accumulation has attracted attention since October 26, when MKR was below the $ 1,100 level.

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

The net inflow to the MKR exchange also increased last week. According to ITB, Maker recorded a net inflow of $4.27 million into the stock market on October 30 alone.

The Sky ecosystem, formerly known as Maker, is reeling in an identity crisis following its rebranding. The supply of USDS, which replaces DAI (DAI), reached one billion tokens in two weeks, as Maker co-founder Rune Christensen offered to return to its old name.

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