Despite Slight Crypto Market Recovery Maker is Struggling. Is $MKR Going To Zero?
Crypto markets are having an uncertain recovery today, but Maker’s $MKR token has incurred some steep intraday losses.
Maker currently trades at $1,797, which is about 6% down from its price 24 hours ago. In the last seven days, the price of $MKR has dropped a fraction over 11%.
The original cryptocurrency, Bitcoin ($BTC), on the other hand remains virtually unchanged in the last 24 hours as it trades around $59,806. Altogether, Bitcoin dropped a fraction under 2% over the week.
Maker’s $MKR token is used to govern and capitalize Maker, a smart contract lending platform where users take out loans by locking in collateral in exchange for the dollar-pegged stablecoin $DAI.
Interestingly, Maker’s $MKR price troubles come after a recent announcement that the organization was undergoing a rebrand. MakerDAO is now the Sky ecosystem and it will launch a $SKY governance token and $USDS stablecoin on September 14.
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