Maker (MKR) Price Jumps 6% After Grayscale Launches New Trust Targeting the Protocol

Price of the governance token of the MakerDAO protocol, Maker (MKR), increased by 6% in the last 24 hours. This increase appeared after a key Grayscale development.

The price of Maker (MKR) has increased by 6% in the last 24 hours, continuing a rally that began after Grayscale announced the launch of a new trust that will track the performance of MKR.

The asset’s market cap also rose by 6% in the last 24 hours, ranking 39th on CoinMarketCap. MKR’s spot trading volume increased by 95%.

Meanwhile, the MKR volume/market cap ratio was 6.21%. Total supply was 977.6 Million MKR. Circulating supply is 930.33K MKR, which is 92.5% of the maximum supply.

The maximum supply is 1.0055 Billion MKR, resulting in an FDV of $2.12 Billion, while the spot market cap is $1.964 Billion. It has a market cap dominance of 0.09%.

Grayscale News Could Benefit MKR

On August 13, Grayscale, a leading crypto asset manager, announced the launch of their MakerDAO Trust from their official handle.

Grayscale began advertising their new single-asset crypto investment product, available through private placement.

We are proud to announce the creation of a new single-asset crypto investment fund, available through private placement: Grayscale MakerDAO Trust $MKR.

Available to eligible accredited investors.

According to Grayscale, the new trust aims to provide investors with exposure to MKR, allowing them to access MakerDAO's on-chain credit protocol and real-world assets (RWAs) on its ecosystem.

This development is also impacting MKR's price. On-chain data from a research site shows a significant increase in active addresses on the network, rising from 307 to 470. This indicates increased user activity in token transactions on the network.

This suggests that MKR's price surge is driven by the attention Grayscale's investment and growing market interest is generating. If this trend continues, MKR could see further gains.

Is $2,500 Next for Maker (MKR)?

Before MKR rebounded to $2,097, its price experienced an approximate 40% decline, dropping to $1,714. After continuing to decline over the last few weeks, a lower low swing appeared on the chart.

As per the earlier price structure, the continued degradation occurred from the second quarter. The decline formed the channel pattern. Following the most recent price action on the chart, the asset took support from the lower border of the wedge.

Depending on buyer sentiment, a rally could pop out if further strong bullish candles are formed, followed by a higher high swing.

Similarly, the rise could lead towards the upper border of the channel. If MKR continues to rise and breaks above the wedge's upper border, we might witness a shift in the price trend towards a bullish trend.

Looking at indicators, the price is poised to pierce the EMA bands from below (50-day and 200-day). Histogram has decreased, indicating less bear pressure; a bull cross could appear soon.

The RSI has been displaying a recovery ongoing from the oversold territory, where it recently appeared at 43.08.

The targets are at $2390 and $2590, followed by the supports at $1880 and $1690.

The above is the detailed content of Maker (MKR) Price Jumps 6% After Grayscale Launches New Trust Targeting the Protocol. For more information, please follow other related articles on the PHP Chinese website!