Maker Price (MKR) Explodes Through $750 as Dai Cryptocurrency Awaits Augur Integration

Maker (MKR), the central token of the Maker smart contract platform and the Dai stablecoin system, has experienced a phenomenal rally over the past month, bolstered a major partnership and an investment from one of the cryptocurrency industry’s top venture funds.

Less than one month ago, on Sept. 12, MKR was trading below $300. Since then, the token has gone on a tear, rising 159 percent to a present value of $758 on Monday morning. The Maker price has risen 24 percent in the past 24 hours alone, raising the MKR market cap to $552 million and launching the token to 22nd in the market cap rankings. nvestors should note that this massive price swing has been accompanied by relatively little trading volume. Over the past 24 hours, for instance, MKR has seen just $3.3 million in trading volume, with approximately 60 percent of those trades concentrated on OasisDEX.

This caveat aside, though, MKR has seen a dramatic rise, and this rally has correlated with two major announcements regarding the cryptocurrency token. As CCN reported, legendary venture capital firm Andreessen Horowitz (a16z) recently invested $15 million in Maker, acquiring 7 percent of the network’s total currency supply and 6 percent of its total decision-making power. A16z has been investing in the cryptocurrency ecosystem for years, but the firm’s MKR purchase marked its first investment through its newly-launched $300 million cryptocurrency fund, which has received backing from Yale University’s $29.4 billion endowment.

More recently, on Oct. 4, the developers of decentralized prediction market Augur announced that they would add support for Dai on the platform, which heretofore had only allowed punter’s to place bets using ether.

According to DappRadar, the platform — which allows users to bet on the outcome of virtually any future event — had 57 users in the past 24 hours, with a cumulative volume of less than 212 ETH (around $48,000) spread across 184 transactions. That’s above average for the dApp, which has generally seen daily active user figures in the mid-30s throughout September and early October.

Maker Price (MKR) Explodes Through $750 as Dai Cryptocurrency Awaits Augur Integration, CCN, Oct 08