Coinspeaker MakerDAO (MKR) Price Surges, Network Activity Spikes as Grayscale Launches MakerDAO Trust
On August 13, Grayscale introduced the MakerDAO Trust, adding it to their expanding range of investment products. This new trust provides investors with direct access to MKR, enabling participation in the MakerDAO ecosystem and its associated real-world assets (RWAs). This move by Grayscale, following its recent launches of the Bittensor Trust and Sui Trust, underscores a growing trend of institutional investment in DeFi assets.
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.
Read the press release: https://t.co/hOOWHk3bqO pic.twitter.com/5pIMaLUHwI
â Grayscale (@Grayscale) August 13, 2024
The announcement led to a 7.47% increase in MKRâs price and a noticeable uptick in network activity. Data from Santiment shows a rise in active addresses on the MakerDAO network, indicating increased user activity and interest.
Whale activity, measured by transactions involving at least $100,000 worth of MKR, climbed from 65 to 100 unique transactions in just one day. This uptick in large transactions, combined with a decrease in the MKR supply on exchanges, from 123,100 to 121,340 tokens, indicates strong accumulation by major holders.
Additionally, a surge in the number of short-term holders suggests growing confidence in MKRâs short-term prospects, adding to the buying pressure on the token.
Price Movement and Future Projections
MKRâs recent price rebound follows a 38% drop, with the token falling as low as $1,716. The Relative Strength Index (RSI), which measures momentum, had plunged to 26.33, signaling that MKR was oversold.
As of now, the RSI has risen to 44.07, suggesting renewed buying interest. If the RSI crosses the neutral threshold of 50.00, MKR could potentially break past its resistance level of $2,184.82 and target new highs between $2,354.73 and $2,537.86.
Market participants are closely monitoring the latest developments in the MakerDAO ecosystem to gauge their impact on the tokenâs performance and broader market trends.
What Is MakerDAO?
MakerDAO is a decentralized protocol on the Ethereum blockchain that facilitates crypto borrowing and lending. Since its inception in 2017, it has functioned as both a lending platform and a decentralized autonomous organization (DAO).
The MakerDAO ecosystem is driven by two key tokens: the Dai (DAI) stablecoin and the MKR token. Users can secure loans by pledging various cryptocurrencies as collateral. These loans are provided in DAI, a stablecoin designed to be overcollateralized for stability. With a total value locked (TVL) of $5 billion, MakerDAO is a major player in the decentralized finance (DeFi) sector.
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MakerDAO (MKR) Price Surges, Network Activity Spikes as Grayscale Launches MakerDAO Trust
