Maker (MKR) surges by over 28 percent

13 Dec, 2018
by David Robb
Price Action
Maker (MKR) surges by over 28 percent

Maker, the 19th-biggest crypto by market cap, has shot up by over 28 percent in the last 30 minutes, to $423. The MKR token was previously trading between $320 and $340 for over a week.

Maker was recently listed on the KuCoin exchange for the first time, although this barely affected the price of the MKR token.

Howeve, the MKR token is designed to work together with the DAI stablecoin. In order to keep the value of DAI pegged as closely to the USD as possible, MKR tokens are created and destroyed according to its fluctuations, so the sudden price spike could be due to a mass removal of MKR from circulation.

A more likely explanation could be the launch of DAI and MKR on the Wanchain mainnet. This development improves the liquidity of DAI greatly, by offering BTC pairs, and could explain the sudden demand for MKR on exchanges.

Image from Gyazo

Follow Chepicap now on Twitter, YouTubeTelegram and Facebook!

Read more about: Maker (MKR)

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage