By building the world’s first unbiased currency and claiming to lead the decentralized stablecoin DAI, Maker Dao It is a decentralized organization built on the Ethereum blockchain that provides liquidity to users.
recent data According to DefiLlama’s research, MakerDAO is currently the number one decentralized application in terms of locked-in value, with a total of $9.91 billion.
Even though the Total Fixed Value (TVL) Index started at $17.5 billion and fell 43% to $8 billion, MakerDAO still enjoys 8.76% of the market TVL of $113.15 billion for all DeFi platforms.
Now the most relevant question is – how has MKR, the governance token of the network, performed since the beginning of the year in the face of this loss?
Prayer to the Creator?
As we started the year with an index price of $2,337, the overall bearish nature of the cryptocurrency market took a bit of a hit for the MKR token at that price. At $1,282.20 at press time, the token is down 45% in about 144 days and 3% in the last 24 hours.
The general movement of the price chart suggested a bearish bias throughout the year. A look at the 50 EMA and the Relative Strength Index (RSI) reveals bullish attempts by the token between February 3 and February 8 and between March 17 and April 6.
Most are below the 50 neutral zone, and so far this year, the token has only attended the overbought zone on the 70.7 index on April 7th. At the time of publication, the RSI was 40.
Additionally, the market cap of MKR tokens decreased during the review period. With a market cap of $2.31 billion, the market cap has declined more than 40% since the beginning of the year, pegged at $1.25 billion at press time.
MKR lacks consistency.
Analysis of the token’s performance since the beginning of the year revealed an inconsistent pattern across key indicators. As there is no consistent ratio of highs or highs throughout the year, daily active addresses trading MKR tokens hit the highest index on May 11th at 781. On April 23, the lowest point was recorded at 161. There were 272 people at the time of the report.
On the social side, the token made significant progress in social volume between March 4th and March 15th. It reached a high of 1683 on March 5, which is the highest so far this year.
At the time of reporting, that number stood at 129, up 92% from its March 5 high. Similarly, social domination of tokens peaked between March 5th and March 15th. It has declined 91% since peaking at 1.71% on March 5, to reach 0.148% at press time.
Following a similar discrepancy trend, the token volume reached significant highs on January 22nd of 97,333.69, March 1st of 94,735 and May 11th of 116,000. At the time of publication, this number was 14,200.
Readings from DefiLlama show MakerDAO is followed by the Curve with a TVL of $9.18 billion, indicating that MakerDAO should not have a day off if it wants to maintain its position.