A few notable signs on Maker

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Santrends
Jul 1, 2021

Assets covered: Maker (MKR)

Metrics used: Active Addresses, Exchange Inflow, Network Profit Loss, Age Consumed, Spent Coin Cost, Whale Transactions Count, Transactions Volume, Trading Volume




One day ago @ibis has posted a short insight pointing to an increased onchain activity of Maker. The next day MKR ended up in a list of most performing coins last 24 hours. So here comes bigger overview of what's happening with MKR tokens. And where could we go from here.




Active Addresses


First of all we've got a steady rise on onchain activity going along with the rally. Even at the recent bottom:

Source: Sanbase



Exchange Inflow


@ibis wrote about Maker yesterday and then MKR pumps additionally. As soon as it breaks 2.5K level we see a spike in exchange inflow number one and then number two. This looks like a profit taking that we expect around the local top:

Source: Sanbase



Network Profit Loss


It's a little bit late, but we're also seeing a spike in Network Profit Loss. Perhaps we might expect a further pullback.

Source: Sanbase



Age Consumed


We're having a notable spike here. Actually a cluster of spikes, three ones are marked with red dots, meaning there's an anomaly detected in this metric data.

Source: Sanbase

This might suggest that at 2.6K level there are some long term coins that are being moved. This doesn't seem like a very positive sign. We might see a slightly further correction in the short term.



Spent Coin Cost


This metric reveals that one of two biggest clusters of MKR tokens moved today were last transacted between 300 and 800 USD price levels:

Source: Sanbase

That's quite a long ago! Mature tokens moving. Long term holders have no more confidence in future profits. We might suggest that despite a possible short term correction, MKR has a room to grow midterm.



Whale Transactions Count


It's starting to rise. And if we look at previous times that it rose, we could notice that most are nicely aligned with tops. Perhaps the last one may be a top too. Not as strong as what we've seen previously but still.

Source: Sanbase



Transaction Volume


This volume is picking up. Previous times that it has been picking up is also not necessarily the greatest time for MKR. Either tops or bottoms.

Source: Sanbase



Trading volume


Classic trading volume is picking up too. It seems to indicate a rising interest for MKR, but previous spikes in volumes marked several price tops. This is not necessarily a great sign.

Source: Sanbase


Summing up


A few worrying signs might suggest a possible short term correction for Maker.

Metrics to keep an eye on:



Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

MKRDEFI
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Santrends
Jul 1, 2021

Thanks for reading!

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