Crypto markets are having an uncertain recovery today, but Maker’s $MKR token has incurred some steep intraday losses.
Maker currently trades at $1,797, which is about 6% down from its price 24 hours ago. In the last seven days, the price of $MKR has dropped a fraction over 11%.
The original cryptocurrency, Bitcoin ($BTC), on the other hand remains virtually unchanged in the last 24 hours as it trades around $59,806. Altogether, Bitcoin dropped a fraction under 2% over the week.
Maker’s $MKR: Primer and Analysis
Maker’s $MKR token is used to govern and capitalize Maker, a smart contract lending platform where users take out loans by locking in collateral in exchange for the dollar-pegged stablecoin $DAI.
Interestingly, Maker’s $MKR price troubles come after a recent announcement that the organization was undergoing a rebrand. MakerDAO is now the Sky ecosystem and it will launch a $SKY governance token and $USDS stablecoin on September 14.
$DAI and $MKR will remain in existence. Users can redeem these tokens for $USDS and $SKY. Each $MKR will purchase $24,000 $SKY, while $DAI trades for $USDS on a one-to-one basis.
Still, Maker reacted adversely to the announcement, which is when the token slipped below $2,000 after falling from mid-July highs of $3,000. $MKR has strong support around $1,800 and a rising relative strength index (RSI) of 31 will help the stock to stabilize overnight, although holders will be hoping the price consolidates in line with its 30-day moving average of $1,844.
Source: TradingViewInvestors Exit Maker While Crypto All-Stars Enjoys $845,466 Launch
Maker’s sudden descent looks like an example of “sell the news”. In reality, Tuesday’s announcement was a confident new step for the DAO but markets still punished $MKR.
That’s why it’s always worth looking off the beating track for some of the catalytic gold rushes of early crypto prospecting. There are many tokens still only in pre-sale that are quietly attracting millions.
One project pioneering a unified staking protocol for meme coin fans is Crypto All-Stars, represented by the $STARS token.
Crypto-All Stars is a revolutionary staking platform that brings together the most celebrated meme coins in one place.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them on the platform and earn passive income in the form of $STARS with a rewards rate currently set at 1,697%.
To that end, the team has allocated 20% of the tokens for its presale; the other 25% is for presale staking, 20% for marketing, 10% CEX/DEX listing, and the rest 25% for the MemeVault Ecosystem.
This new meme coin project has gained so much popularity that its presale has already raised $845,466 since its launch last week.
Following the purchase, you can begin staking for rewards and claim the tokens once the presale ends.
So, if you are an investor looking to put your money to work, Crypto All-Stars is a better option than Maker’s $MKR. Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow them on social media – X (Twitter) | Telegram to stay up-to-date on all their development plans.
Join the Presale Here
The post Despite Slight Crypto Market Recovery Maker is Struggling. Is $MKR Going To Zero? appeared first on Cryptonews.
