• Maker (MKR) pumps 13% after the introduction of a token buy-back scheme by the Maker protocol
• MKR/USD is trading around $1140 per token, potentially heading higher if it can break past August 2022 highs at $1227
• Traders should look to diversify their holdings with meme coins offering the potential for near-term profits
Maker (MKR) Surges on Token Buyback Scheme
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, surged around 13% on Friday in response to a new token buyback scheme.
MK/USD: Can It Break This Key Resistance?
Maker (MKR) was last trading around $1140 per token, having reached as high as $1250 earlier in the session. The broader cryptocurrency market was subdued on Friday but MKR’s bullish impulse came from its own Smart Burn Engine scheme which will repurchase around $7 million worth of MKR over the coming month. If MKR can break past August 2022 highs at $1227, this rally could continue.
Price Prediction – Where Next for Maker (MKR)?
Most price predictions for Maker remain mostly bullish given its current chart set up and strong rebound from a former downward trendline. However, any pullbacks to support in the $1077 area could be jumped on by bulls.
Meme Coin Alternative to Consider
Traders should always look to diversify their holdings, with meme coins offering an alternative for those looking for near-term profits. The best way to profit big in this market is to identify unknown tokens with low market caps that have good chances of exploding upwards soon.
Conclusion
While there is an overall bullish sentiment surrounding MKR, traders should consider diversifying their portfolio both within crypto and beyond by investing in meme coins that offer potential near-term profits.