MKR Surges 50% in 7 Days: Is the Bull Run Here to Stay?
• MKR has seen a 50% weekly upside fueled by positive events such as the Spark protocol coming to Gnosis chain, MKR repurchase contract deployment and fee capture growth.
• Whales have been buying the token, leading to no price corrections in the near future.
• On-chain volume and network growth have both hit new monthly highs, indicating that retail buyers are buying near the latest highs.
MKR Delivers 50% Weekly Upside
MKR has enjoyed a stellar week as it surged more than 50%, making it one of the best performing cryptocurrencies during this period. This performance was attributed to several factors including the expansion of Spark Protocol to Gnosis Chain, MKR repurchase contract deployment and fee capture growth. Additionally, whales were seen buying the token which negated any chances of a price correction in the near future.
On-Chain Volume & Network Growth Hit New Monthly Highs
The on-chain volume for MKR just peaked at a new monthly high in the last 24 hours which suggests that retail buyers have been purchasing near its recent highs. In addition to this, Maker’s network growth also hit a new monthly high on 3 July before dipping again recently. These metrics indicate that exit liquidity remains strong despite any potential sell pressure looming in the horizon.
Smart Burn Engine Proposal Fuells Positive Sentiment
The Smart Burn Engine proposal was also seen fuelling positive sentiment among MKR holders as they demonstrate strong momentum and resilience against any sell pressure. The Smart Burn Engine proposal will help reduce inflation levels within Maker DAO while helping its native token reach higher prices due to reduced supply on exchanges.
MKR Profit Calculator
In order to ensure portfolio profits from its impressive rally, investors can use MKR Profit Calculator which will help them track their gains and losses with respect to their investment decisions over time. This tool is immensely helpful for those who want to make sure their investments remain profitable after fluctuations in cryptocurrency market prices.
To conclude, Maker DAO’s native token has seen an impressive surge of 50% in seven days due to various favorable events such as Spark Protocol expansion into Gnosis Chain and Smart Burn Engine proposal spurring bullish sentiment among investors. The increase in on-chain volume and network growth is also indicative of retail buyers entering at or near recent highs despite potential sell pressures ahead in future markets