MKR Jumps 5% As Grayscale Adds MakerDAO To Its Crypto Fund Lineup

Name	Symbol	Market	Market Cap ($)	Algorithm
Maker	MKRUSD	Crypto	1,011,959,620	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Maker

MKRUSD

Crypto

1,011,959,620

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-22.02	-1.87%	1,153.67	1,153.54	1,153.67

Price Change

Price Change %

Current Price

Bid Price

Offer

-22.02

-1.87%

1,153.67

1,153.54

1,153.67

High Price	Low Price	Open Price	Prev. Close	52 Week Range
1,240.15	1,149.10	1,175.33	1,175.69	1,012.23 - 4,075.00

High Price

Low Price

Open Price

Prev. Close

52 Week Range

1,240.15

1,149.10

1,175.33

1,175.69

1,012.23 - 4,075.00

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	20:28:01	0.069550	1,153.67	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

20:28:01

0.069550

1,153.67

USD

Price x Volume	Volume	Base Symbol	Related Pairs
2,111,581.62	1,803.74	MKR	MKREUR	MKRGBP	MKRBTC

Price x Volume

Volume

Base Symbol

Related Pairs

2,111,581.62

1,803.74

MKR Jumps 5% As Grayscale Adds MakerDAO To Its Crypto Fund Lineup

14/08/2024 9:00am

NEWSBTC

To further diversify its crypto investment portfolio, asset manager and ETF issuer Grayscale has unveiled the launch of the Grayscale MakerDAO Trust. This latest addition to Grayscale’s product suite allows investors to gain exposure to MKR, the utility and governance token underpinning the Ethereum-based MakerDAO ecosystem. Grayscale Expands Crypto Portfolio MakerDAO is an autonomous organization operating a decentralized finance (DeFi) protocol, providing users access to a permissionless, open stablecoin system and various other on-chain financial services. According to Tuesday’s announcement by the firm, through the Grayscale MakerDAO Trust, investors can now participate in the growth and development of the protocol’s MKR ecosystem. Related Reading: Cardano Is Not ‘Dead’: Crypto Analyst Predicts Surge To $5 “As demand for crypto exposure continues to grow, Grayscale is committed to expanding our suite of products and providing innovative investment opportunities,” said Rayhaneh Sharif-Askary, Grayscale’s Head of Product & Research. “The launch of the Grayscale MakerDAO Trust allows investors to experience the growth of the entire MakerDAO ecosystem, aiming to remove DeFi’s dependency on traditional finance infrastructure by providing a permissionless, decentralized, and open stablecoin system,” Sharif-Askary also stated. The new trust functions similarly to Grayscale’s other single-asset investment vehicles, with the fund solely invested in MKR tokens. The trust is now open for daily subscription by eligible individual and institutional accredited investors, providing them a convenient way to gain exposure to the MakerDAO protocol. This announcement comes on the heels of Grayscale’s recent launches of the Grayscale Bittensor Trust, dedicated to the TAO token supporting the Bittensor Protocol, and the Grayscale Sui Trust, focused on the SUI token underpinning the Sui Layer 1 blockchain. MKR Price Action Grayscale’s news sparked a spike in the MKR token, which hit an 8-month low of $1.7 on August 5 amid the broader market crash and global economic uncertainties that led to an increased sell-off. MKR is trading at $2.10, up nearly 6% in the last few hours, coupled with a 16% increase in trading volume in the 24-hour time frame, amounting to $124 million, indicating investor interest in the token’s prospects. Related Reading: Strong Bearish Signal Appears In Solana Chart, Where Is Price Headed Next? MKR must consolidate above the $2.06 level to further capitalize on this latest surge, as it has acted as a resistance wall for the token over the past few days before Tuesday’s bullish news on the MKR/USDT daily chart. This would be key for MKR’s future advances and the potential to surpass its next resistance barrier at $2.16. However, if there is a resurgence of demand and buying pressure for the token and the broader market, which can also contribute to MKR’s 10% surge last week, it would position MakerDAO’s native token to tackle its next resistance at $2.31, $2.42 and $2.73 on its way to reclaiming the $3 mark. Featured image from DALL-E, chart from TradingView.com

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