Maker (MKR) up more than 40%, hits all-time high of $4,096

The first entity financing proposal initiated by the governance and smart contract team of MakerDao is expected to be implemented and its effect on Maker (MKR) Token is already sounding like good news.

MakerDao, Ethereum’s smart contract system, provides decentralized stable currency and derivative financial products.

The proposal calls for the addition of a New Silver Series 2 DROP as Maker (MKR) agreement collateral. New Silver focuses on financing investors of real estate with fixed and flipped or small commercial assets, being a technology-first non-bank loan originator. It uses its own technology to automate and simplify loan generation, using data to minimize default risks.

Maker (MKR) rallies

Maker (MKR) rose following news of the proposal. Its price climbed more than 40%, recording an all-time high of $4,096.57, although it reverted to $3,035.

Nonetheless, the token has seen a rise of 35.33% on its price in just 24 hours and a growth of 65.49% in a week. Projections for the altcoin state that it could exceed $4,500 in price.

Currently, the digital coin’s price is hovering between nearly $3,600 and many indicators point to it staying there until reaching the above-mentioned projection.

No pushover

Maker (MKR) has established itself as the 42nd largest cryptocurrency with a market cap of $3,676,392,142.

Data suggest that at present, the Relative Strength Index for the digital currency broke out of the “overbought zone,” which signals strong selling pressure after recording its all-time high. The MKR’s price will likely dip to around $3,400 for a time period, but is sure to resume its upward momentum.

Stabilizing at above $3,000 would mean that Maker (MKR) will open up a faster upward channel for its price, continuing its observed success after the news of the implementation of its first entity financing proposal.

 

Image courtesy of Top Coin/YouTube Screenshot

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