MakerDAO’s native token MKR, based on Ethereum (ETH), has increased 74% over the past 30 days and is presently trading at £942.83, according to statistics from CryptoSlate. MKR’s value had declined since the start of the year when it was £2386.00. The price has decreased by roughly 60% from January to October 20.
Despite this, more and more MKR coins have been leaving exchanges since the start of 2021, and the number of active addresses holding MKR and the number of addresses with a non-zero balance have also been rising. These indications show MKR investors have a significant tendency to purchase and hold.
Although there are fewer active wallets now than at the start of 2021, the number of wallets with non-zero balances is steadily increasing. During the first five months of 2021, the proportion of wallet addresses with balances greater than zero significantly declined. Although the growth rate dropped in May 2021, it still increased until that month.
Just over 50,000 wallet addresses had balances that were not zero at the start of 2021. This number climbed by 40% over the year’s first five months, reaching slightly over 70,000 in May 2021. Nearly 90,000 wallets had non-zero balances as of October 20, an 80% increase from January 2021. The graph shows that since 2021, more wallets have been purchasing MKR.
There are only about 400 active addresses, as opposed to the 4,000 noted at the start of 2021. Although this figure was about twice as high at the beginning of 2021, approximately 800,000, it dropped to around 400,000 at the start of 2022 and stayed at the same level until now.
A decrease in the number of active addresses coupled with an increase in addresses with non-zero balances suggests that investors have been staying inactive since the start of 2021. The fact that MKR tokens have been withdrawing from exchanges since the start of the year reveals the investors’ tendency to acquire and retain MKR.
MKR tokens have been leaving exchanges for the past two years, except for brief intervals between May and November of 2021 and 2022, during which exchanges accumulated. When everything is taken into account, it can be claimed that since the start of 2021, a growing number of MKR investors have been purchasing and keeping tokens. In Bitcoin (BTC), a similar pattern of acquiring and holding exists.