The growth in DeFi enabled MakerDAO’s governance token to reach new ATHs.
According to the measurement site Glassnode, Maker’s transfer volume in the last 24 hours reached US $ 11 million ATH, surpassing the old ATH of US $ 10.9 million set on August 13, 2020. The transfer volume shows the total value of the cryptocurrencies transferred on the chain.
Glassnode distinguishes between the transfer volume, which involves the transfer of funds between network participants, and the overall trading volume on exchanges; some of these occur off-chain and also include remixing between internal wallets. Maker’s daily transaction volume is approaching $ 1 billion today.
Maker price has also increased by over 50% in the last 24 hours. Taken together, the metrics indicate a greatly increased demand for the token.
The Maker price fluctuated greatly around $ 500 throughout most of December, but surpassed $ 600 by New Year’s day, a growth spurt that has been a key indicator of its performance ever since. It reached a remarkable (albeit short) ATH of $ 1,244 on January 6th. Today it stands at an impressive ATH of about $ 1,750.
MKR’s latest rally is the result of a growing DeFi industry. MKR is a governance token that helps stabilize MakerDAO’s native stablecoin, DAI, at a price of $ 1.
Buying a governance token is like buying shares in a company. For example, MKR holders gain the right to vote in MakerDAO’s continuous approval voting system. This encourages owners to vote in a way that benefits the system so as not to depreciate their tokens.
Cryptos on the throne seem pretty safe behind Bitcoin’s ongoing historic bull rally. The highest earnings today were achieved by Bitcoin byproducts Bitcoin Cash and Bitcoin SV, both of which grew 50% last week.