stablecoin. Key benefits include Gnosis chain’s high level of decentralization and lower transaction costs.
According to ASXN, MKR is up more than 40% in the past 7 days, due to the Smart Burn Engine proposal, the expansion of the Spark protocol, the deployment of the MKR repurchase contract, and the growth of fee capture . A group of addresses with similar…also owes its robust bullish performance to other factors such as MKR repurchase contract deployment and fee capture growth.
While the network growth may look bearish, it is worth noting that MKR is so far holding on to most of its recent gains. This is partly because the whales have also been buying. The latest data on the supply held by top addresses revealed a slight uptick.The supply held by top addresses confirmed that whales were still buying at higher price levels. A sign that the short-term bullish outlook remains strong. It could also mean that strong sell pressure wasn’t anticipated.
MKR’s ability to resist the downside will largely depend on whether investors will be incentivized to hodl. The easiest way that can happen is if the crypto market continues with its bullish bias.