Maker (MKR) Unleashed: Price Soars 12% In One Day – What’s Behind The Surge?
31 August 2023 - 9:00PM
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In anticipation of the announcements made by the Ethereum-based
Decentralized Finance (DeFi) lending platform team, the price of
Maker (MKR) has experienced a remarkable surge of over 12% within
hours. Now, what do these developments entail, and how will they
impact the future of Maker? Maker Empowers SubDAOs? On August 28th,
the Maker team made a significant announcement regarding their
plans to introduce SubDAOs in South Korea. This move represents a
critical evolution for MakerDAO, marking the “final effort” to
unlock the potential of Decentralized Autonomous Organizations
(DAOs). Related Reading: XRP Price Prediction for 2023, 2024,
2025, 2030 and Beyond According to the announcements made on August
28th, introducing SubDAOs is expected to streamline, innovate, and
strengthen the Maker ecosystem, paving the way for increased
opportunity and growth. SubDAOs, which stands for Subsidiary
Decentralized Autonomous Organizations, are expected to play a
pivotal role in the next phase of MakerDAO’s development. These
entities will leverage liquidity allocation from the Maker
Protocol, exploring various yield opportunities across the
financial landscape. From decentralized finance protocols to
real-world asset solutions, SubDAOs aim to harness the potential of
diversified investment strategies. Per the announcement, this
presents a unique opportunity for Korean crypto leaders to engage
with the forefront of DeFi developments. Participants will have the
chance to be part of forming their own SubDAO or contribute to
existing ones. This involvement offers insights into the
success story of Spark Protocol, the first yield product incubated
by a future SubDAO. Spark Protocol has demonstrated significant
achievements, such as boasting high liquidity, industry-leading
borrowing fees, and managing hundreds of millions in liquidity.
Additionally, the event encourages forging connections between
leaders in centralized finance (CeFi) and decentralized finance.
These connections are expected to help bridge the South Korean
community to SubDAO token acquisition and farming opportunities,
fostering collaboration and growth within the ecosystem. The move
into SubDAOs signifies MakerDAO’s commitment to cultivating
innovation across the industry. Participants can explore
“cutting-edge” decentralized finance protocols and real-world asset
solutions. The MRK Rally, How Close To A New Annual High? The
recent announcements have sparked a surge in MKR’s price, following
a decline that began on August 2nd, which coincided with the token
reaching its yearly high of $1,371. Subsequently, MKR
experienced a drop, reaching a low of $984 and breaching the
significant psychological level of $1,000 and its 50-day Moving
Average (MA), which had previously provided substantial support for
the token. Related Reading: Bitcoin, Ethereum Show More Potential
For Downside Despite Recent Bounce – Analyst However, with the
recent announcements and the excitement surrounding the protocol’s
new phase and increased liquidity entering its ecosystem, MKR has
surged by an impressive 12% within 24 hours. Currently, MKR
is trading at $1,170, surpassing and regaining its 50-day MA, which
has played a pivotal role in driving Maker’s rallies throughout the
year. Moreover, according to Token Terminal data, MakerDAO’s Total
Value Locked has reached $5.16 billion, indicating a 3.03% uptrend
in recent days. Considering these developments, the question
arises: Is MKR poised to reach a new yearly high? During
MRK’s rally, the token reached as high as $1,230 but encountered a
strong resistance wall at that level. However, suppose the
protocol’s developments continue to attract liquidity, and MKR
bulls can defend its 50-day MA as support, while further
consolidating above the $1,260 level. In that case, there is a
possibility that, in the coming months, MRK could achieve a new
yearly high above $1,375 and even touch the $1,400 level, a
threshold not reached since May 2022. Featured image from iStock,
chart from TradingView.com
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