DeFi

MakerDAO New Proposal Shows A Positive Price Signal Of MKR

MakerDAO has made a fresh proposal in order to make progress on fees and debt limitations. And as a result, the price of MKR is showing signs of attractiveness to investors.

According to a recent tweet from MakerDAO, the community intends to lower the stability cost for the Curve ETH/stETH protocol with the debut of its new proposal.

This protocol, which is used as collateral to borrow DAI, has recently suffered a decrease in demand. The community hopes that by lowering stability fees, they would raise demand and so make their stablecoin DAI more accessible and likely to be adopted.

The publication of this proposal and the community’s willingness to enhance the protocol have resulted in a favorable influence on the pricing.

Additionally, despite the cryptocurrency’s declining value, Ethereum whales have demonstrated a strong interest in MKR. In fact, according to WhaleStats, the top 1000 ETH whales held $49.4 million in MKR on October 2.

Because MKR and DAI are connected and their growth is dependent on each other, predicting the future of both the token and the stablecoin may become challenging. At the time of writing, MKR is trading at $777.

MKR daily chart. Source: CoinCu

Whales’ interest might influence the price of MKR in the future. However, in order to obtain the whole picture, investors must evaluate other elements as well.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.