Deep Analysis of MKR On-Chain Data: Slow Growth in Holding Addresses, Majority of Large Holders in Profitable Positions MKR On-Chain Data Analysis: Slow Growth in Holding Addresses, Majority of Large Holders in Profitable Positions

Analysis of MKR On-Chain Data: Slow Growth in Holding Addresses, Majority of Large Holders Profitable

The recent rise of MKR is considered a positive factor for RWA. Cryptocurrency researcher Riyue Xiaochu analyzed MKR on-chain data, including the number of holders, DEX/CEX data in the past 60 days, and the identity of large holders. The researcher also pointed out that there are signs of profit-taking by market makers at the current high price of MKR, which suggests a need to be cautious about the risk.

1) Holder research: The growth rate of the holding addresses on the MKR chain is relatively slow, and there is no clear sign of a large number of new buyers. From the chain’s perspective, in June, the number of large holders increased by 29, which is 2-3 times more than in other months. The number of holders with 0.01 MKR increased by more than 700, which is also a significant increase compared to the other two months. It can be clearly seen that the purchases on the chain occurred before the market started; 2) DEX/CEX data research in the past 60 days: From the exchange situation, there were large deposits on June 12th and 24th before the MKR skyrocketed. On the 24th, there was a huge amount of deposits, and they were made in small amounts with multiple addresses to conceal the trace on the chain. Overall, the active CEX and DEX trading of MKR is mostly during American and Asian time, and there will be more during American time;

3) Profile of large holders: Most of the wallets of MKR large holders are in a profitable state, and they have been holding for more than a year. The holding addresses are all old wallets with a long holding period, and they are all long-term holders. Overall, the MKR large holders have a relatively large asset volume, and their ability to purchase assets is relatively strong; 4) Analysis of increase holders: In the past 60 days, only 10% of MKR large holders have increased their holdings, and the amount of increase is not significant, totaling 14,000 MKR. Moreover, the increase mainly comes from exchanges.

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Reference: https://mirror.xyz/0xcBc2B7797B5302Ad2dd2Ef55C8ceFAC769AcA06d/3_JWH0epecPX6bXRW9btfHkfcq-BiPZxT_9eEt-Wvok

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