- DAI’s surging popularity attracted influential whales.
- Robust growth seen in DAI issuance; revenue generated by the protocol rose as well.
The cryptocurrency landscape has been no stranger to swift shifts, with MakerDAO [MKR]‘s DAI taking center stage with remarkable growth in recent months. As the stablecoin’s popularity soared, DAI managed to outpace Binance USD [BUSD] in market capitalization over the last month, hinting at its potential for further expansion.
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This escalating trajectory could be attributed to a surge in whale activity revolving around DAI, with notable figures influencing its course.
Whales abound
Justin Sun, for instance, minted a staggering 77.8M DAI, collateralized with 102,462 stETH, and deposited the amassed DAI into the MakerDAO ecosystem. Another influential whale withdrew 10M DAI from MakerDAO, swiftly investing in 5,403 stETH at an average price of $1,851.
Justin Sun minted 77.8M $DAI with 102,462 $stETH ($190M) and deposited the 77.8M $DAI into #Maker.
At 8% APY, he’ll earn $6.22M a year later and $17K per day.
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Author: Himalay PatelDid you like this?
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