Maker (MKR) experiences a surge in the number of active addresses, hitting a 10-week high.
The increase in active addresses indicates growing user participation in the Maker ecosystem.
The price of MKR has seen a 40% surge in the past 16 days, reaching $1,500.
Caution is advised as there is an inflow of MKR tokens to exchanges, which may signal a potential short-term price drop.
Maker (MKR), the native cryptocurrency of the decentralized infrastructure and software services provider, has been witnessing significant growth recently. Data analytics service provider Santiment reports that the number of active MKR addresses has reached a 10-week high.
This data highlights the growing user base within the Maker ecosystem, with both new and existing participants becoming more active. Santiment notes that this coincided with MKR’s price reaching $1,500.
Maker (MKR) Records 10-Week High in Active Addresses Amid Price Surge
As of the current writing, Maker is trading at $1,528.38, reflecting a 7.35% increase in the past 24 hours. The token’s strong performance over the past week, with a gain of over 14%, demonstrates its continued momentum in September.
Santiment advises caution due to the recent influx of MKR tokens into exchanges, which may indicate a potential short-term market correction.
Maker has distinguished itself from the broader cryptocurrency market by showing relatively low correlation with Bitcoin (BTC) and consistently strong performance. Its innovative approach and the introduction of new use cases have contributed to its growth.