$SPK ｜Undervalued + Capital Reflow, Starting the Main Uptrend?
SPK is a decentralized lending protocol built on the foundation of MakerDAO, inherently bringing MKR-related traffic and stable cash flow. Currently, the project's market capitalization is only $116 million, while the on-chain locked funds have reached $8.1 billion, with a very low debt-to-asset ratio and stable profitability, making it one of the few protocols that have continuously yielded positive returns since its launch.
At present, there is a significant inflow of funds in both spot and contract markets, and the market is gradually recognizing its underlying value.
Combined with the recent market view, the bearish selling has basically ended, and the bottom structure is solid, gradually forming a main uptrend.
From a valuation perspective, if we refer to the valuation logic of the established stablecoin protocol MKR (market cap $1.8 billion, locked funds $5.6 billion), SPK has significant revaluation potential. Additionally, the project team may introduce buybacks, burns, and other incentive mechanisms in the future to further enhance token value capture.
At the current stage, the overall market is in a correction and fluctuation, and market sentiment is cooling down, but this is precisely the time for high-quality projects to rotate and consolidate. SPK falls into this category of low-position strong-structure varieties, with the potential to evolve from a platform token into a valuable asset, making it suitable for medium-term phased allocation.
At the same time, new coin projects like NEWT and SAHARA have shown healthy trends recently, attracting some major players to rotate in, suggesting that attention should also be paid to the rhythm and proper position management.
The bull market has not receded, and the structure is switching. Undervalued + Profitability + Capital Inflow are three important factors in judging the market opportunity, and SPK currently possesses all of them.
