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Maker's exchange reserve and exchange supply ratio hits a yearly high signaling potential correction.

Maker (MKR), the governance token of the MakerDAO ecosystem, has been showing impressive upward momentum, recently breaking out of a long-standing bearish pattern. Despite its 11.20% surge in the past 24 hours, reaching $1,416.32, the cryptocurrency faces some resistance and market dynamics that could limit its progress in the short term.

The DeFi project Sky has retained its new brand identity rather than revert to MakerDAO following a community vote. Polling data revealed that 79.3% of votes supported maintaining the Sky brand as the core protocol name.

Trader bids are fueling the uptrend, with a 13.67% rise in Open Interest to $120.30 million.

Sky's USDS is now the third-largest stablecoin, replacing the original DAI which held that position for years on the charts.

The Maker price has jumped ~10% over the past day, resulting in this altcoin successfully recording a bullish reversal. Moreover, with the technical sentiments and on-chain data favoring the project, the MKR coin hints at a promising bullish month.

Early polling indicates MKR holders want to keep the SKY brand, though participation in the poll is still low.

Bitcoin's rally slows down near the weekend, top altcoins record double digit gains.

Historically, the fourth quarter often brings notable gains for cryptocurrencies, and with November underway, crypto whales are strategically positioning themselves for potential profits.

This week, we examine Ripple, Binance Coin, Solana, Dogecoin, and Maker in greater detail. Ripple (XRP) The week started well for XRP, but the price action turned bearish on Wednesday, closing the week with a 3% loss.

Rune Christensen, founder of Sky (formerly MakerDAO), has proposed a strictly deflationary approach to the protocol's governance token as the community prepares to vote on whether to revert its brand or not on Nov. 11.

MKR may finally be ready for a recovery after dancing with the bears since April.

Ever since the launch of the Bitcoin ETF, the institutions have been accumulating the token heavily. As the price is ascending towards the ATH, these activities have been intensifying, and as a result, the total ETFs held by them have now surpassed the Bitcoins held by Satoshi Nakamoto.

Maker (MKR) has staged a significant comeback, revitalizing interest and ignite predictions that it could potentially climb as high as $3,000. Given its central role within the decentralized finance (DeFi) ecosystem, Maker (MKR) has captured investor interest, primarily because of the demand for decentralized stablecoins like DAI and the protocol's recent technological strides.

MKR, the governance token of MakerDAO, has witnessed a 10% price uptick over the past 24 hours. It's currently trading at a weekly high of $1,224.

Maker has experienced a sustained downtrend over the past month, declining by 32.58%. However, analyst predicts MKR is set for a reversal.

MakerDAO is reconsidering its recent rebrand to Sky following poor SKY token performance and strong community preference for the original Maker brand

SKY has significantly underperformed the CoinDesk 20 since the re-brand.

Barely two months after, the project now appears to be reconsidering the change.

The decentralized finance (DeFi) landscape is ever-evolving, and the recent developments surrounding the stablecoin-focused protocol Sky, formerly known as MakerDAO, highlight the complexities of brand identity and community engagement in the crypto space.

The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

Sky is reconsidering its rebrand from MakerDAO after community pushback, with options including returning to the original MakerDAO brand or adopting a hybrid approach.

Sky, the decentralized finance (DeFi) platform previously known as MakerDAO, is considering reverting to its original brand, Maker.

DeFi project Sky (formerly known as MakerDAO) is evaluating the possibility of additional brand adjustments following community feedback on its recent rebrand. On Oct. 21, Sky's co-founder Rune Christensen released a proposal that reviewed the protocol's accomplishments and the challenges it has faced since transitioning from MakerDAO to Sky.