Maker (MKR) Continues Its Positive Moves, Neglecting Weekly Market Trend

Despite the general bearish trend in the cryptocurrency market at the moment, the Maker token continues to thrive. Maker is currently trading at $811.28 today. It represents an increase of up to 5.72% in the last day. Despite positive moves in the last 24 hours, the current market sentiment is bearish and expected to persist until mid-October 2022. Related Reading: Is Bitcoin ‘Uptober’ About To Begin? | BTCUSD Analysis October 3, 2022 The trading volume of MKR today stands at $47.47 million. It also currently ranks at number 55 on CoinMarketCap. The price change in 24 hours is over $50. Currently: the 24-hour low stands at $752.01 while the high is $816.50. What Is Boosting The Price Of Maker Despite The General Bearish Sentiments? After the Ethereum merge, numerous predictions failed since the price of ETH decreased rather than increased. Miners were dumped for validators and lost out on profits. It led to many miners trading in their ETH just before the merge date. The maker token is built on the Ethereum blockchain, a stablecoin that is soft-pegged to the US dollar. The peg to the US dollar helped stabilize the token more in a volatile market. Maker is one of the pioneers in Decentralized Finance (DeFi). Users opt for decentralized exchanges because they are easy to use. Also, users can partake in the governance of their tokens directly through voting. The flexibility on the platform is making more people adopt the tok...