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.
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.
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.
Join us to keep track of news: https://linktr.ee/coincu