The Sky ecosystem’s previous token, Maker, is experiencing upward momentum as holders prepare to take profits.

Maker (MKR) Price Surge

Maker (MKR) has seen a significant increase of 11% in the past 24 hours, trading at an intraday high of $1,280 at the time of writing. The asset’s market cap has surpassed the $1.1 billion mark, ranking it as the 64th-largest cryptocurrency. MKR’s daily trading volume has surged by 120%, reaching $150 million. Despite these gains, Maker is still down by 80% from its all-time high of $6,339 on May 4, 2021.

The high trading volume indicates increased interest in the token. However, the sudden surge could lead to a price correction due to current market conditions.

MKR Holders Profit Analysis

According to data from IntoTheBlock, 50% of MKR holders, which accounts for 47,560 addresses, are currently in profit. Almost 5% of the investors are close to their initial investment, while the remaining 45%, or 43,700 addresses, are still at a loss. The number of daily active addresses in profit has risen from seven to 48 over the past week.

“While this number is much lower than the total number of MKR holders, the profit-taking could still impact the asset’s price considering that over 81% of the token supply is sitting in whale wallets.”

Large holder accumulation has been cooling down since October 26, when MKR was trading below the $1,100 mark. Data from IntoTheBlock shows that whale transactions, consisting of at least $100,000 worth of MKR, increased from 14 to 38 over the past three days. Over $72 million in such transactions have been recorded in the last seven days.

MKR Exchange Net Inflows

The amount of MKR exchange net inflows has also been increasing over the past week. On October 30 alone, Maker recorded an exchange net inflow of $4.27 million, according to IntoTheBlock.

Sky Ecosystem and Rebranding

The Sky ecosystem, formerly known as Maker, has been experiencing an identity crisis following its rebranding. Rune Christensen, co-founder of Maker, has proposed returning to its old name. Meanwhile, the DAI replacement, USDS, has reached a supply of one billion tokens in just two weeks. The rebranding decision is expected to be announced in mid-November.

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