One decentralized finance (DeFi) altcoin is dramatically outperforming the vast majority of the crypto markets amid a major market correction.
Maker (MKR), the 52nd-ranked crypto asset by market cap, is up more than 28.5% in the past seven days, trading for $1,570 at time of writing.
MKR is the governance token that supports DAI, a stablecoin that aims to stay pegged one-to-one to the US dollar without any banks, governments or third parties. Amid the collapse of fellow stablecoin TerraUSD (UST) last week, DAI largely kept its peg intact. It’s trading at $1.00 at time of writing.
The crypto markets stumbled with the news with leading assets Bitcoin (BTC) down more than 2% in the past week and Ethereum (ETH) down nearly 12%.
Crypto analytics firm Santiment notes that Maker has witnessed major whale activity and a large spike in $100,000+ transactions in the past couple of days. The firm says “key stakeholders” own an all-time high in MKR supply.
Data science company IntoTheBlock reports addresses holding at least 0.1% of MKR’s total circulating supply and currently own 85% of Maker’s overall supply. The firm adds that 51% of addresses have made money on their MKR holdings, compared to 39% of addresses that have lost money.
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Featured Image: Shutterstock/Natalia Siiatovskaia/Tithi Luadthong