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This year has been a tough sail for Maker since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of MKR.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Maker to reclaim its all-time high in 2023? Continue with the article to learn about Maker price analysis and prediction by Coinpaper.
Read also: MakerDAO considers dropping DAI’s dollar peg
What is Maker?
Maker (MKR) is the governance token of the MakerDAO and Maker Protocol, both key elements to the issuance of DAI, an overcollateralized stablecoin that serves as a backbone of Ethereum’s DeFi since 2015, which makes it one of the oldest projects in the ecosystem. MKR tokens cat as act as a kind of voting share, entitling its holders to propose changes and vote on various aspects on the Maker Protocol. MKR is also used as a recapitalization source for the Maker ProtocoI
Maker (MKR) price
Currently, Maker Price is USD. MKR has a circulating supply of coins and a total supply of . If you are looking to buy or sell Maker, Binance is currently the most active exchange.
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Maker price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Maker 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Maker price at $911 to $1115. On the flip side, a fading interest in the new meme coin may push the price of Maker to $653-$518 lows.
Maker price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Maker (MKR) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Maker to climb as high as $1383, with the more distant prospect of reaching $1866 in 2024. The bearish scenario is likely to see Maker (MKR) trading between $1211 and $1091 in 2024.
Maker price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Maker (MKR) price analysis and prediction is based on pure speculation and observation of Maker historical price movements.
Our Maker 2025 price forecast expects MKR to rally towards $2213 and reach $3097 by the end of the year. The bearish scenario would see Maker at $2019 to $1517.
Maker (MKR) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Maker is neutral. In 2026, we expect Maker to reach at least $3872 before climbing higher to $5317. In case of a bearish scenario, Maker may fall to $3219.
Is Maker (MKR) a good investment?
As a token of one of the oldest and most secure protocols, MKR token looks like a sound investment, especially given that we’re likely to see the rise of the decentralized stablecoins in an aftermath of the SEC’s crackdown on Paxos’ BUSD. However, when it comes to investing in crypto, it’s important to take your time to do due diligence before putting your money into any token.
Bottom line
Are you ready to invest in Maker? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy MKR from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
FAQs
Who created Maker?
MakerDAO was formed in 2014 by Danish entrepreneur Rune Christensen, who is also a CEO of the Maker Foundation.
What was the all-time high for Maker (MKR) ?
The all-time high price of Maker is $ on 2021-05-03
