Maker Price Prediction As MKR Rise 13% On Token Buyback Scheme: Can It Break This Key Resistance?
Maker (MKR), the governance token of the Maker Decentralized Autonomous Organization (DAO) and decentralized finance Maker Protocol behind the issuance of the USD-pegged DAI stablecoin, surged around 13% on Friday.
MKR/USD last traded around $1,140 per token, but hit as high as $1,250 early in the session to hit a new high since June 2022.
With the broader cryptocurrency market subdued on Friday, the bullish momentum for MKR came from the introduction of a token buyback scheme by the Maker protocol.
The buyback scheme, which was unveiled on Wednesday, will see the Maker protocol buy back around $7 million worth of MKR over the next month.
The token buybacks are part of Maker’s new Smart Burn Engine scheme, which uses excess DAI stablecoins held in the Maker protocol reserves to buy MKR tokens from a Uniswap pool.
Buybacks are triggered periodically when DAI reserves exceed $50 million.
MKR surged on Friday in anticipation that the upcoming buybacks would increase buying pressure in the market, at the same time as the scarcity of the MKR token would increase.
Price Prediction: What’s Next for Maker (MKR)?
Maker (MKR) price predictions remain mostly bullish with the cryptocurrency chart setup looking very healthy.
Since its strong rebound from a previous downtrend line and finding support multiple times at its 21-day moving average (DMA) earlier this month, MKR has been soaring.
And if it can break north of the August 2022 highs at $1227, this rally should continue.
For now, the bulls are taking a breather as MKR failed to hold above the August 2022 highs and the 14-day RSI indicates conditions are overbought.
But any pullback to the support at the $1077 area could be taken advantage of by the bulls.
Alternative to Meme Coin to consider
While the outlook for Maker (MKR) is strong, traders should always look to diversify their token holdings.
Blue chip names like bitcoin (BTC) and ether (ETH) are always a good bet.
But for crypto investors with a higher tolerance for risk and a greater desire for short-term profit, meme coins could be the way to go.
The best way to make big profits in the meme coin market is to identify a meme coin with a relatively unknown token that still has a very low market cap, but has a good chance of breaking out.
Fortunately for high-risk tolerance meme coin investors, analysts at Cryptonews.com have identified the perfect project.
The Burn Kenny Coin is a new South Park-themed meme coin that launched its pre-sale on Thursday.
Despite only being launched a day ago, the new project has already been able to sell $400,000 worth of $KENNY tokens.
Since the project only sells $500,000 worth of token, meme coin degenerators need to move quickly if they don’t want to miss out on the opportunity.
$KENNY has a high probability of seeing an explosive upside when it launches on decentralized exchanges (DEXs), which will likely happen early next week.
That is because:
The limited pre-sale availability of the token means that pent-up demand and FOMO are likely to carry over to the DEX launch.
The pre-sale values the token at a small market cap of $875,000 (if you factor in the 30% token burn), leaving plenty of room for explosive upside.
30% of the token supply has already been committed to a three-month DEX liquidity lock to ensure smooth trading conditions, as can be verified at team finances.
The marketing team behind the Burn Kenny Coin also planned the SpongeBob (SPONGE), Thug Life (THUG) and Mr Hankey (HANKEY) tokens, all of which saw 3x-100x bombs. His efforts are already paying dividends, with $KENNY ranking high in the crypto press.
Get $KENNY before the pre-sale ends
With the project now raised over $400,000, the Burn Kenny Coin pre-sale could sell out in a matter of hours.
Head over to the Burn Kenny website now, where you can click to become a supporter of the Twitter account and join the telegram channelso you will be the first to know when the pre-sale ends and about the imminent launch of DEX.
To buy $KENNY in pre-sale, you will need Ethereum.
Connect your wallet to the Burn Kenny Coin website, set how much you want to buy, approve the connection and purchase, and you’re done.
Return to the site and claim your tokens after the pre-sale has concluded.
Buy $KENNY on the sneak before the rest of the world wakes up, and you could get the 5x – or more – easier chance on crypto.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.