• Over the last two months, MKR supply sent to exchanges has steadily pushed higher
• DAI’s circulating supply registered the highest growth since March’s banking crisis

MakerDAO [MKR], popularly referred to as the decentralized central bank, has risen in prominence over the last few months with carefully calibrated business moves.

By effectively controlling the supply and demand dynamics of its popular stablecoin offering, DAI, the lending protocol has attracted users back to its fold. A expected, the native utility token MKR has been one of the biggest beneficiaries.

Read Maker’s [MKR] Price Prediction 2023-2024

‘Maker’ of fortunes

According to data from on-chain research firm IntoTheBlock, MKR has been one of the best performing crypto-tokens in the market of late, nearly doubling its value over the last three months. At the time of publication, MKR exchanged hands at $1,228 with its market cap having breached the $1 billion ceiling.

The data also revealed significant inflows into the wallets of large investors, indicating that the appetite for MKR has begun to build.

This price appreciation pushed these investors to offload their bags for gains. As a result, over the last two months, MKR supply sent to exchanges has steadily pushed higher while the illiquid supply has fallen.

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Author: Aniket Verma

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