⇗ MakerDAO's MKR Coin: Whales Accumulate Amidst Volatility, Speculative Price Surge
In recent news , MKR, the token of the MakerDAO ecosystem has shown signs of volatility. Despite the hit after MakerDAO's rebranding to Sky,...
The crypto market community is keenly observing MKR Coin due to a variety of interesting factors. The decentralized finance protocol, MakerDAO, hopes for a tangible decision on its proposal to rebrand as Sky with a new stablecoin and governance token. This proposal comes even as the MKR price falls to a 12-month low aiming at $511. Despite the recent downturn in price, MakerDAO has ambitious plans of converting 1 MKR Token into 24,000 NGT Tokens.
Amid this scenario, Asset Manager Grayscale introduces a crypto fund for MakerDAO's MKR. However, Maker’s 10% surge might not overcome the threat of long liquidations. Nonetheless, a 20% rally in price is foreseen, despite market headwinds, suggesting a bullish outlook for the MKR Coin.
It's worth noting that the proposed rebranding to 'Sky', met with considerable opposition from heavy holders - whales, leading to some contemplating the retraction of this proposal.
There has been criticism regarding the co-founder's proposal for stablecoin, but with the rebranding, DAI stablecoin will be optionally upgradeable to USDS. Additionally, an investment trust for MakerDAO's MKR Token is launched by Grayscale and BlackRock shows interest in MakerDAO's $1B Tokenized Treasury Investment Plan.
The maker community ponders another rebrand. Maker's (MKR) price rises as the founder sells significant coins, despite MKR price plunging. The MKR-Related Wallets deposit $16M to Binance, causing a 3% slump in the price. Notwithstanding the market unpredictability, MKR is still seen as a potential 'good investment'.
MKR Coin News Analytics from Tue, 09 Jun 2020 07:00:00 GMT to Tue, 19 Nov 2024 00:38:00 GMT - Rating 2 - Innovation 0 - Information 7 - Rumor 6