MakerDao (MKR) Percent Balance of Top 1% Addresses reached a 3-year high, says Glassnode

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According to on-chain market intelligence Glassnode, the Herfindahl-Hirschman Index (HHI) of MKR token decreased significantly in the last 24 hours. Current value is 0.024 (down 6.1% from 0.025).

Source: Glassnode / Twitter

HHI is a commonly accepted measure of market concentration. It is calculated by squaring the market share of each firm competing in a market and then summing the resulting numbers. It can range from close to zero to 10,000.

Percent Supply of MKR in Smart Contracts decreased significantly in the last 24 hours. Current value is 52.271% (down 7.9% from 56.745%).

MKR Percent Balance of Top 1% Addresses just reached a 3-year high of 92.821%. The previous 3-year high of 92.422% was observed on 03 December 2020.

Maker (MKR) is the governance token of the MakerDAO and Maker Protocol — respectively a decentralized organization and a software platform, both based on the Ethereum blockchain — that allows users to issue and manage the DAI stablecoin.

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Initially conceived in 2015 and fully launched in December 2017, Maker is a project whose task is to operate DAI, a community-managed decentralized cryptocurrency with a stable value soft-pegged to the US dollar.

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