MKR Holders and Delegates Can Now Vote for Protocol Changes

Maker (@MakerDAO) tweeted on Wednesday that an executive vote is live. According to the tweet, MKR holders and delegates can use their MKR voting power to enact several changes to the Maker Protocol if they are in support of them.

The proposed changes that can be voted on are raising the GSM Pause Delay, the introduction of Recognized Delegate Compensation, DAI and MKR Streams, and ESM Interaction Changes.

At press time, the price of MKR is down 1.43% according to CoinMarketCap. As a result, the altcoin’s price currently stands at $702.83. MKR’s price is also down against the two leading cryptos, Bitcoin (BTC) and Ethereum (ETH), by 1.33% and 0.12% respectively.

The daily trading volume for MKR is slightly down compared to what it was yesterday. Currently, MKR’s 24-hour trading volume stands at around $70,311,200, which is a 2.76% decrease in the last 24 hours. MKR’s market cap is estimated to be $687,270,212 at press time. This ranks it as the 68th biggest crypto project in terms of market cap.

Daily chart for MKR/USDT (Source: TradingView)

The price of MKR has been able to break above the 20-day EMA line in the last 24 hours and continues to trade above this EMA level at press time. Furthermore, MKR’s price has also flipped the resistance level at $703 into support in the last 24 hours.

Should MKR’s price close today’s trading session above the $703 mark, then it will likely break out toward $767 in the next 24-48 hours. However, a close today below this level will see MKR’s price lose the support of the 9-day EMA line and drop down to $655.

The daily RSI indicator supports the bearish thesis as the daily RSI line is currently sloped negatively toward the oversold territory. Therefore, it may be best for traders to wait for the 9-day EMA line to cross the 20-day EMA line before entering into a long position for MKR.

Disclaimer: The views and opinions, as well as all the information shared in this price Analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Comments

Post a Comment

Popular posts from this blog

Tax Strategy for XRP: Lawyer Urges Caution Before Dipping for Altcoins

Jeremy Hogan advises crypto holders to be cautious of crypto tax as they optimize for profit in the bull run. He pointed out the tax advantages of not liquidating XRP held for over a year. Per the lawyer, long-term capital gains incur a lower 15% tax rate than the higher 30% rate for short-term gains. Prominent legal expert Jeremy Hogan, Partner at ‘Hogan & Hogan’ has offered counsel to crypto holders, urging caution in the disposition of their XRP assets. In a recent post on X, Hogan shared guidance with crypto investors looking to maximize their tax efficiency amid the anticipated crypto bull market. The lawyer’s counsel targeted crypto enthusiasts based in the United States. He advised considering the tax obligation on their crypto investment from the angle of the duration of the token holdings. Hogan pointed out that maintaining a token for over a year could result in a more advantageous tax scenario. He noted that long-term capital gains, applicable ...
Read more

Bitbot gears up for presale amid uncertainty ahead of first BTC options expiry post ETF approval

BTC options expiry reveals short-term volatility post ETF approval. Bitbot’s presale on Jan 17 promises unprecedented excitement with self-custodial solutions. With a total supply of 1 billion tokens, Bitbot aims for a $1B market cap and top listings. As 2024 signals the potential start of a new bull run, the crypto market is buzzing with excitement. The recent Bitcoin ETF approval sparks short-term volatility, while Bitbot, a revolutionary Telegram trading bot, gears up for its token presale on January 17. In this article, we delve into the first anticipated Bitcoin options expiry post Bitcoin ETF approval and the upcoming Bitbot presale , exploring the potential for exhilarating opportunities in the evolving crypto landscape. First BTC Options expiry post Bitcoin ETF approval The approval of the Bitcoin Spot ETF on Wall Street has set the stage for unprecedented market movements. Despite the historical significance, Bitcoin’s price exhibit...
Read more

MicroStrategy’s Saylor Sells $216M of His Shares to Buy More Bitcoin

MicroStrategy’s executive chairman, Michael Saylor, is selling $216 million worth of company shares. Saylor plans to use the proceeds to expand his personal Bitcoin holdings. The sell-off began with 5,000 shares on January 2, with 5,000 shares scheduled to be sold every trading day for the next four months. MicroStrategy‘s executive chairman, Michael Saylor, has begun selling $216 million worth of his shares in the company. The decision reveals Saylor’s intention to utilize part of the proceeds to expand his personal Bitcoin holdings. Saylor, a prominent advocate for cryptocurrency adoption, unveiled this plan in a filing with the U.S. Securities and Exchange Commission (SEC). The regulatory filing reveals that Saylor is selling 315,000 MicroStrategy shares acquired via stock options. 310,000 of these were granted in 2014 and are set to expire in April of this year. Saylor has already begun the sell-off, initiating the process with the sa...
Read more