Morpho pushed the total protocol deposits to $14 billion in August, setting a new historical high. According to reports, this scale accounts for about 25% of the crypto-backed lending market. In the deposit structure, stablecoins, as well as mainstream assets such as BTC and ETH, account for a relatively high proportion, indicating that funds are still concentrated on relatively mature collateral.

Deposits reach a new high, and the number of active addresses continues to increase.

In addition to the expansion of its funding scale, the Morpho ecosystem's activity level is also on the rise. Reports indicate that the data on active addresses over 24 hours, 7 days, and 30 days has been continuously increasing since June, suggesting an increase in the frequency of use of the protocol.

Looking solely at the active addresses is not sufficient to indicate that all parts of the network are expanding in sync. However, against the backdrop of record-high total deposits, this set of data at least shows that Morpho's current growth does not entirely depend on fluctuations in token prices.

There is a divergence in the coin-holding structure.

Compared to the upward trends in deposits and activity, the token holding distribution of MORPHO does not show a consistent pattern. Data indicates that addresses holding between 10 million and 100 million MORPHO tokens have decreased since June 2026, while addresses holding between 1 million and 10 million tokens have increased since April.

Meanwhile, addresses holding between 100,000 and 1 million coins have seen a decline since late July; addresses holding between 100 and 1 million coins have increased since early July. As for the smallest scale of addresses, those holding between 1 and 100 MORPHO coins, they have decreased since the third week of August.

MORPHO encounters resistance around $2.90

In terms of price, MORPHO has been on an upward trend since the beginning of 2026. The report mentions that demand around $1.10 once supported the overall upward movement, and after the token broke through the $2.20 range in August, it rose to as high as $2.90.

Currently, MORPHO is consolidating near the 50-day moving average, at around $2.40. If buying pressure strengthens again and it effectively breaks through $2.90, there is a chance for the price to further rise towards $3.

But the position below is equally crucial. If the 50-day moving average is lost, the price could fall back to the $2.20 or $2 range; if it breaks below $2, subsequent support levels could move down to $1.60, or even $1.10.

Overall, the fundamental data of Morpho has improved recently, with both deposits and activity on the rise. However, whether MORPHO can translate these numbers into stronger price performance still depends on its ability to remain above $2.90.