Maker (MKR), the flagship token of the Sky ecosystem (formerly MakerDAO), has surged 11% in the past 24 hours, reaching an intraday high of $1,280. This uptrend has pushed 50% of MKR holders into profitability, signaling renewed market confidence. Below, we analyze the key drivers, on-chain metrics, and potential future trends for MKR.
Key Metrics Highlighting MKR’s Momentum
- Price Action: MKR currently trades at **$1,280**, with a **24-hour trading volume spike of 120%** ($150 million).
- Market Cap: Surpassed $1.1 billion, ranking MKR as the 64th-largest cryptocurrency.
- Profitability: 50% of holders (47,560 addresses) are now in profit, while 45% (43,700 addresses) remain at a loss (IntoTheBlock).
👉 Why is Maker (MKR) gaining traction?
Whale Activity and Exchange Flows
- Whale Transactions: Transactions exceeding $100,000** rose from **14 to 38** in three days, totaling **$72 million over seven days.
- Exchange Inflows: Net inflows hit $4.27 million on Oct. 30, suggesting potential profit-taking.
- Supply Concentration: 81% of MKR is held by whales, whose accumulation slowed after Oct. 26 ($1,100 support level).
Sky Ecosystem’s Identity Crisis and Rebranding
The project, rebranded from MakerDAO to Sky, faces community dissent. Co-founder Rune Christensen proposed reverting to the original name, with a final decision expected by mid-November. Meanwhile:
- DAI Replacement: The new stablecoin USDS reached 1 billion tokens in circulation within two weeks.
- Market Sentiment: Greed-driven conditions may trigger a short-term correction despite bullish metrics.
FAQs About Maker (MKR)
1. Why did MKR’s price surge 11%?
Increased whale activity, rising profitability, and speculation around the Sky rebranding fueled demand.
2. How many MKR holders are profitable now?
50% (47,560 addresses) are in profit, per IntoTheBlock data.
3. What’s the impact of whale holdings on MKR?
With 81% supply controlled by whales, their actions significantly influence price volatility.
4. Will the Sky rebranding affect MKR’s value?
A return to the "Maker" name could bolster investor confidence, but short-term uncertainty persists.
👉 Explore Maker’s latest developments
Conclusion
Maker’s 11% surge reflects a mix of whale accumulation, profitable holder dynamics, and rebranding speculation. While the $1,280 resistance is key, traders should monitor exchange inflows and whale activity for signs of a pullback. The mid-November rebranding decision could be a pivotal moment for MKR’s trajectory.
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