Maker (MKR), the governance token of the Maker Decentralized Autonomous Organization (DAO) and the decentralized finance Maker Protocol behind the issuance of the DAI USD-pegged stablecoin, is up nearly 13% on Friday.
MKR/USD was last trading around $1140 per coin but rose to $1250 in the first session to set a new high since June 2022.
MKR’s bullish impulse came from the launch of a token buy-back plan by Maker Protocol, amid a bearish move in the broader cryptocurrency market on Friday.
The buy-back plan, which was introduced on Wednesday, will see Maker Protocol buy back approximately $7 million worth of MKR over the coming month.
The token buyback is part of Maker’s new Smart Burn Engine initiative, which uses the excess DAI stablecoins held in Maker Protocol’s reserves to buy MKR tokens from the Uniswap pool.
Buybacks are triggered periodically when DAI reserves exceed $50 million.
MKR jumped on Friday on hopes that the upcoming buyback would increase buying pressure in the market, as well as increase the scarcity of MKR tokens.
Price Prediction – Where is the next move for Maker (MKR)?
Maker (MKR) price predictions remain mostly bullish, with the cryptocurrency’s chart set-up looking very healthy.
MKR has been on a flight since its strong rebound from the prior downward trendline and taking support at its 21-day moving average (DMA) on multiple occasions earlier this month.
And if it can break the August 2022 high north of $1227, the rally should continue.
For now, the bulls are breathing a sigh of relief, with MKR failing to sustain above its August 2022 high and the 14-day Relative Strength Index (RSI) shining that conditions are overbought.
But any decline towards the $1077 support area could be taken advantage of by the bulls.
Consider Meme Coin Alternatives
While the outlook for Maker (MKR) is strong, traders should always look to diversify their token holdings.
Blue chip names like bitcoin (BTC) and ether (ETH) are always a good bet.
But for crypto investors with a higher tolerance for risk and a higher desire for near-term profits, meme coins may be the way to go.
The best way to make big profits in the meme coin market is to identify meme coin, a relatively unknown token that still has a very small market cap, but has good potential to explode to the upside.
Luckily for MEM Coin investors with a high risk tolerance, the analysts at Cryptonews.com have identified just such a perfect project.
Burnt Kenny Coin is a brand new South Park-themed meme coin that launched its presale on Thursday.
Despite only launching a day ago, the new project has already been able to sell $400,000 worth of $KENNY tokens.
Given that the project is only selling $500,000 worth of tokens, Mem Coin Degens needs to move quickly if they don’t want to miss out.
$KENNY has the potential to explode when it is launched on decentralized exchanges (DEXs), which is likely to happen as early as next week.
- Limited pre-sale availability of the token means pent-up demand and FOMO are likely to last until the DEX launch.
- Tokens are priced at a minuscule market cap of $875,000 in the presale (when you take into account the 30% token burn), leaving plenty of room for explosive upside.
- As can be verified on Team Finance, 30% of the token supply is already committed to a three-month DEX liquidity lock to ensure smooth trading conditions.
- The marketing team behind Burnt Kenny Coin also masterminded the Spongebob (Sponge), Thug Life (Thug) and Mr. Hankey (Hanky) tokens, all of which saw 3x-100x pumps. Their efforts are already paying dividends, with $KENNY appearing prominently in the crypto press.
Grab $KENNY before the presale ends
Since the project has now raised over $400,000, the Burn Kenny Coin presale could sell out in a matter of hours.
Now go to the Bernie Kenny website, where you can become a follower by clicking Twitter account And join the Telegram channel to be the first to know when the presale ends and about the upcoming DEX launch.
To buy $KENNY in the presale, you will need Ethereum.
Connect your wallet to the Burn Kenny Coin website, set how much you want to buy, approve the connection and make the purchase, and you’re done.
After the presale ends, return to the site and claim your tokens.
Quietly buy $KENNY before the rest of the world wakes up, and you can get the easiest 5x, or more, opportunity in crypto.
Disclaimer: Crypto is a high risk asset class. This article is provided for informational purposes and does not constitute investment advice. You can lose all your capital.