Bitcoin price continues to fluctuate, increasing the significance of developments specifically in altcoins. BTC exceeded $65,000 today, but at the time of writing, it has returned to $63,000. There is still no clear direction for investors on the horizon, and frustrating price movements continue. So, what is the latest situation on the MAKER Coin front?
MakerDAO Token Sales
MakerDAO recently made significant sales of its governance token MKR. The latest details shared by the user X Spot On Chain, who reports on-chain, are quite significant. On March 18, 2024, the DAO wallet moved several times, sending tokens to the Binance exchange. A total of 11,993 MKR was deposited, valued at $31.1 million at an average price of $3,184.
The fact that assets sent to exchanges moved before price drops indicates strategic moves against the markets. Despite recent transactions, there are still 18,978 MKR Coins held in the multisig wallet, valued at over $60 million.
New Tokens Coming Soon
It is not surprising that the MakerDAO team is planning to launch a new stablecoin and governance token soon. NewStable (NST), an upgraded version of Dai, promises enhanced stability features for broader adoption. Meanwhile, NGT targets a new governance model. NST and NGT are just representative abbreviations; the token names are not yet finalized.
While Dai users can seamlessly upgrade to NST, MKR investors can convert each MKR into 24,000 NGT to encourage broader participation in governance activities.
“These additions represent an expansion and will not replace the existing Dai (DAI) and Maker (MKR) tokens. Users will have the option to transition to NewStable and NewGovToken.”
On the technical front, due to the cup and handle model, the MKR Coin price is targeting $3,327. At the time of writing, the altcoin is at $2,921, and if it maintains a support level of $2,700, the upward scenario can continue. Currently, the outlook for BTC is not very bright, and unless we see massive net entries in the ETF channel during the daily close, the Robinhood case may continue to feed negativity for a while.
