{"id":38893,"date":"2023-07-21T22:15:40","date_gmt":"2023-07-22T02:15:40","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/maker-price-prediction-as-mkr-pumps-13-on-token-buyback-scheme-can-it-break-this-key-resistance\/"},"modified":"2023-07-21T22:15:41","modified_gmt":"2023-07-22T02:15:41","slug":"maker-price-prediction-as-mkr-pumps-13-on-token-buyback-scheme-can-it-break-this-key-resistance","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=38893","title":{"rendered":"Maker Price Prediction as MKR Pumps 13% on Token Buyback Scheme \u2013 Can it Break This Key Resistance?"},"content":{"rendered":"
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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.<\/p>\n

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.<\/p>\n

With the broader cryptocurrency market subdued on Friday, MKR\u2019s bullish impulse came from the introduction of a token buy-back scheme by the Maker protocol.<\/p>\n

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.<\/p>\n

The token buybacks are part of Maker\u2019s new Smart Burn Engine scheme, which uses excess DAI stablecoins sat in Maker protocol\u2019s reserves to buy MKR tokens from a Uniswap pool.<\/p>\n

Buybacks are periodically triggered when DAI reserves exceed $50 million.<\/p>\n

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.<\/p>\n

Price Prediction \u2013 Where Next for Maker (MKR)?<\/strong><\/h2>\n

Maker (MKR) price predictions remain mostly bullish with the cryptocurrency\u2019s chart set-up looking very healthy.<\/p>\n

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.<\/p>\n

And if it can break to the north of August 2022 highs at $1227, this rally should continue.<\/p>\n

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.<\/p>\n

But any pullbacks to support in the $1077 area could be jumped on by bulls.<\/p>\n

Meme Coin Alternative to Consider<\/strong><\/h2>\n

While the outlook for Maker (MKR) is strong, traders should always look to diversify their token holdings.<\/p>\n

Blue chip names like bitcoin (BTC) and ether (ETH) are always a good bet.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Luckily for high-risk tolerance meme coin investors, analysts at Cryptonews.com have identified the perfect such project.<\/p>\n

Burn Kenny Coin\u00a0is a brand-new South Park-themed meme coin that\u00a0launched its presale on Thursday.<\/p>\n

Despite only launching a day ago, the new project has already been able to sell a whopping $400,000 worth of $KENNY tokens.<\/p>\n

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Given that the project is only selling $500,000 worth of the token, meme coin degens need to move quickly if they don\u2019t want to miss out.<\/p>\n

$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.<\/p>\n

That\u2019s because:<\/p>\n

    \n
  1. The token\u2019s limited presale availability means pent-up demand and FOMO are likely to carry across to the DEX launch.<\/li>\n
  2. 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.<\/li>\n
  3. 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.<\/li>\n
  4. 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.<\/li>\n<\/ol>\n
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    Get Hold of $KENNY Before the Presale Ends<\/strong><\/h2>\n

    With the project having now raised more than $400,000, Burn Kenny Coin\u2019s presale could sell out within a matter of hours.<\/p>\n

    Head over to the\u00a0Burn Kenny website\u00a0now, where you can click through to become a follower of the\u00a0Twitter account<\/a>\u00a0and join the\u00a0Telegram channel, so you will be first to know when the presale ends and about the imminent DEX launch.\u00a0<\/p>\n

    To buy $KENNY in presale, you will need Ethereum.<\/p>\n

    Connect your wallet at the\u00a0Burn Kenny Coin website\u00a0set how much you wish to buy, approve the connection and purchase, and you are done.<\/p>\n

    Return to the site and claim your tokens after the presale has concluded.<\/p>\n

    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.<\/p>\n

    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.<\/sup><\/i><\/p>\n<\/p><\/div>\n