Why Is MKR Up by 15% Today?
While several prominent crypto currencies experienced a decline in the market, the governance token of MakerDAO and Maker Protocol, Maker [ MKR ], stood out as one of the top gainers of the day. The asset is trading at $1,137, showing a remarkable 15% daily price increase. Source – MKR/USD Chart on TradingView The chart above demonstrated the asset’s upward movement. The Relative Strength Index [RSI] indicator indicated a high level of buying activity in the asset market. The RSI is currently situated in the overbought zone. The significant surge in MKR’s price is largely credited to the prominent venture capital firm Andreessen Horowitz [a16z] and CMS Holdings, a private investment firm. a16z is known for its substantial investments in various technology companies. The firm was observed depositing MKR tokens into Coinbase. It was speculated that these tokens were moved with the intention to sell them. Blockchain sleuth, Lookonchain revealed that a16z de...