With the claims of building the world’s first unbiased currency and leading decentralized stablecoin, DAI, MakerDAO is a decentralized organization built on the Ethereum blockchain providing liquidity to its users.

Recent data from DefiLlama showed that, with a total of $9.91b, MakerDAO is now the first in the ranking of decentralized applications in terms of most value locked.

Despite starting the year with a Total Value Locked (TVL) index of $17.5b and suffering a decline of 43% at an $8b loss, MakerDAO still enjoyed 8.76% of the market TVL of $113.15b for all DeFi platforms.

Now, the most pertinent question is- In the face of this loss, how has the network’s governance token, MKR, performed since the beginning of the year?

Starting the year at an index price of $2,337, the overall bearish nature of the cryptocurrency market has caused the MKR tokens to receive some beatings at their price. At $1,282.20 at press time, the token shed 45% in just about 144 days and 3% in the past 24 hours.

Source: CoinMarketCap

General movements on the price chart have been suggestive of a bearish bias all year long. A look at the 50 EMA and the Relative Strength Index (RSI) showed bullish attempts by the token between 3 February and 8 February and also between 17 March and 6 April.

Mostly lying below the 50 neutral region, so far this year, the token has marked attendance in the overbought region just once on 7 April at the 70.7 index. At the time of press, the RSI stood at 40.

Source: TradingView

Further to this, within the period under review, the market capitalization of the MKR token suffered a decline. Starting the year with a market capitalization of $2.31b, the market cap has since declined by over 40% pegging it at $1.25b at press