Maker (MKR), the governance token of the Maker Decentralized Autonomous Organisation (DAO) and of the decentralized finance Maker Protocol behind the issuance of the DAI USD-pegged stablecoin, has pumped around 13% on Friday.
MKR/USD was last trading around $1140 per token, but went as high as $1250 earlier in the session to hit a fresh high since June 2022.
With the broader cryptocurrency market subdued on Friday, MKR’s bullish impulse came from the introduction of a token buy-back scheme by the Maker protocol.
The buy-back scheme, which was introduced on Wednesday, will see the Maker protocol repurchase around $7 million worth of MKR over the coming month.
The token buybacks are part of Maker’s new Smart Burn Engine scheme, which uses excess DAI stablecoins sat in Maker protocol’s reserves to buy MKR tokens from a Uniswap pool.
Buybacks are periodically triggered when DAI reserves exceed $50 million.
MKR surged on Friday in anticipation that the coming buybacks would increase buy pressure in the market, whilst also increasing the scarcity of the MKR token.
Price Prediction – Where Next for Maker (MKR)?
Maker (MKR) price predictions remain mostly bullish with the cryptocurrency’s chart set-up looking very healthy.
Since its strong rebound from a former downward trendline and since finding support on multi-occasions at its 21-Day Moving Average (DMA) earlier this month, MKR has been flying.
And if it can break to the north of August 2022 highs at $1227, this rally should continue.
For now, the bulls are taking a breather, with MKR having failed to hold above the August 2022 highs and with the 14-Day Relative Strength Index (RSI) flashing that conditions are overbought.
But any pullbacks to support in the $1077 area could be jumped on by bulls.
Meme Coin Alternative to Consider
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 might be the way to go.
The best way to profit big in the meme coin market is to identify a meme coin with a relatively unknown token that still has a very low market cap, but that has a good chance of exploding to the upside.
Luckily for high-risk tolerance meme coin investors, analysts at Cryptonews.com have identified the perfect such project.
Burn 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 a whopping $400,000 worth of $KENNY tokens.
Given that the project is only selling $500,000 worth of the token, meme coin degens need to move quickly if they don’t want to miss out.
$KENNY has a very strong likelihood of seeing explosive upside when it launches on decentralized exchanges (DEXs), which will happen most likely early next week.
That’s because:
- The token’s limited presale availability means pent-up demand and FOMO are likely to carry across to the DEX launch.
- The presale values the token at a tiny $875,000 market cap (when you take into account the 30% token burn), leaving plenty of room for explosive upside.
- 30% of the token supply has already been committed to a three-month DEX liquidity lock to ensure smooth trading conditions, as can be verified on Team Finance.
- The marketing team behind Burn Kenny Coin also masterminded the SpongeBob (SPONGE), Thug Life (THUG) and Mr Hankey (HANKEY) tokens, all of which saw 3x-100x pumps. Their efforts are already paying dividends, with $KENNY featuring prominently across the crypto press.
Get Hold of $KENNY Before the Presale Ends
With the project having now raised more than $400,000, Burn Kenny Coin’s presale could sell out within a matter of hours.
Head over to the Burn Kenny website now, where you can click through to become a follower of the Twitter account and join the Telegram channel, so you will be first to know when the presale ends and about the imminent DEX launch.
To buy $KENNY in presale, you will need Ethereum.
Connect your wallet at the Burn Kenny Coin website set how much you wish to buy, approve the connection and purchase, and you are done.
Return to the site and claim your tokens after the presale has concluded.
Buy $KENNY on the sly before the rest of the world wakes up, and you could bag 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 could lose all of your capital.
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