thecoinrepublic.com
- 1 Maker (MKR) token prices surged more than 11.51%, adding $109.01 to its current trading price.
- 2 MKR trading prices reflected an unusual upper movement of 51.26% in a week.
Maker token prices surged more than 11.51%, adding $109.01 to its current trading price. At press time, MKR/ USD was trading at $1022.37 with a majority of buyers in the market.
MKR trading prices reflected an unusual upper movement of 51.26% in a week, which jumped more than 57% in a month. Its market capitalization is $1.002 billion, and its average trading volume is $3.681k.
The factors behind the skyrocketing MKR token prices have not yet been specified, but analysts believe that some significant whales are pushing the prices upward. According to the claims of a media outlet on July 6, MakerDAO has deployed MKR buy contracts on the chain.
In the list of weekly gainers, the MKR token is ranked second as it gained more than 62.02%. It is important to note that the global crypto market capitalization surged more than 0.85% and was worth $1.21 trillion at press time.
In the past 24 hours, MKR’s market capitalization surged more than 4-5%, and its trading volume rose by 125.73%, indicating that buyers are trying to suppress sellers. The Total Value Locked of MKR is $6,086,661,698.
The positive sentiments in the crypto market are pushing prices upwards. The daily trading prices of MKR lie between $913.39 and $1040.39. In the past 52 weeks, the highest trading price of the token was $1223.47, and its lowest was $501.58.
MakerDAO launched MKR Smart Burn Engine Contracts on Chain
The Smart Burn Engine is a smart contract system created with the purpose of distributing additional DAI dollars from the surplus buffer that is not utilized as an emergency reserve by Maker. In a recent proposal, it was suggested to establish the vault limit at 50 Million DAI/MKR for the surplus buffer upper limit, while also forming a liquidity pool (LP) on Uniswap to enhance liquidity and flexibility.
The main difference between the Smart Burn Engine and the previous Burn design is that $MKR tokens are taken from the Uniswap V2 DAI/MKR pool, matched against additional DAI from the surplus buffer, and distributed to the same market to increase it.
DAI/MKR LP tokens are sent to a protocol-specific address. The surplus buffer cap will be set at 50 million DAI, below the current target of 250 million DAI. This means that the Smart Burn engine will be activated once there is more than 50 million DAI available in the surplus buffer.
At press time, the leader of all cryptocurrencies, Bitcoin, was trading at $30,608 with an intraday trading volume of $16,662,233,839. The trading volume of BTC has reflected an upper trend of 36% in 24 hours.
A few months earlier, Tether(USDT), the most popular stablecoin, snatched the 1st position from Bitcoin and became the most traded cryptocurrency in the industry. At press time, the intraday trading volume of USDT was $25,363,995,104.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.