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Ethereum-Based Altcoin Soars 28% In Just One Week As Crypto Whales Dive In: Santiment

One decentralized finance (DeFi) altcoin is dramatically outperforming the vast majority of the crypto markets amid a major market correction.

(MKR), the 52nd-ranked crypto asset by market cap, is up more than 28.5% in the past seven days, trading for $1,570 at time of writing.

MKR is the governance token that supports DAI, a stablecoin that aims to stay pegged one-to-one to the US dollar without any banks, governments or third parties. Amid the collapse of fellow stablecoin TerraUSD (UST) last week, largely kept its peg intact. It’s trading at $1.00 at time of writing.

The crypto markets stumbled with the news with leading assets Bitcoin (BTC) down more than 2% in the past week and Ethereum (ETH) down nearly 12%.

Crypto analytics firm Santiment notes that Maker has witnessed major whale activity and a large spike in $100,000+ transactions in the past couple of days. The firm says “key stakeholders” own an all-time high in MKR supply.

Source: Santiment/Twitter

Data science company IntoTheBlock reports addresses holding at least 0.1% of MKR’s total circulating supply and currently own 85% of Maker’s overall supply. The firm adds that 51% of addresses have made money on their MKR holdings, compared to 39% of addresses that have lost money.

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