Maker (MKR) price rallies 30% in one hour amid upcoming Coinbase Pro listing
Looks like we’re dealing with the Coinbase “effect” again: the price of Maker token (MKR) went up 20% after Coinbase Pro announced the listing of cryptocurrency a couple of days ago. According to the CoinMarketCap, altcoin has risen by more than 50% over the past week.
MKR started the week on $343 mark, on 30 of May its price rose to $518. Now users will be able to transfer token to the Pro platform, which is designed for experienced traders, from 16:00 UTC on June 8. Trading will take place under “liquidity conditions”. When Coinbase decides that the Pro platform has enough MKR, trading will be allowed in pairs with US dollar and Bitcoin.
This is the second attempt by Coinbase to launch MKR trading: the support was first implemented in April 2019 “in a limited number of jurisdictions”, but MKR trading has not started, as users have transferred insufficient amount of MKR to the exchange.
MKR is a token for management, which is responsible for the functioning of a decentralized MakerDAO DAI. DAI, launched in 2017, is an ERC20 standard token in an Ethereum blockchain that has a fixed value of one US dollar. MKR owners can vote for organizational decisions, such as increasing or decreasing commissions. MKR tokens are burned or created to maintain the DAI price anchor to dollar. In addition, MakerDAO algorithms automatically control the price of DAI, so there is no need for third-party participants.
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