A top-35 altcoin has jumped by nearly 45% in the past month, dramatically outpacing most of a middling crypto market.<\/p>\n
The native governance token of the decentralized finance (DeFi) protocol Maker (MKR<\/a>) is trading for $1,513 at time of writing, up from $1,047 one month ago.<\/p>\n The 34th-ranked crypto asset by market cap is also up more than 16% in the past seven days and nearly 3% in the past 24 hours.<\/p>\n Maker supports the decentralized stablecoin DAI<\/a>, which aims to maintain a 1:1 peg to the US dollar. With a market cap of $3.81 billion, DAI is the third-ranked stablecoin by size after USDT<\/a> ($83.22 billion) and USD Coin (USDC<\/a>) ($25.54 billion).<\/p>\n MKR\u2019s recent price surge materialized amid an uptick in address activity, according to Santiment. The crypto analytics firm notes that the asset recently hit a 10-week high in terms of daily active addresses.<\/p>\n Crypto tracker Lookonchain also notes<\/a> that a couple of crypto whales executed MKR purchases on Wednesday, with one spending 899 Ethereum (ETH<\/a>) worth $1.44 million to buy 958 MKR, and another spending 800,000 USDT to pick up 536 MKR.<\/p>\n Despite the price gains in the past month, MKR remains nearly 76% down from its all-time high of more than $6,292, which it hit in May 2021.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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