Insider Pumps Maker by 37%
Maker (MKR) has lost 4.5% this week, falling to $2630. This moderate retreat follows a 27% rise in the past three days. Prices even surged by 37.0% to $2840 per token on Monday, the highest since December 3, 2021.
Investors were fervently betting on a Bitcoin (BTC) rally in the last few days, driving extreme demand for the Maker DAI stablecoin. Investors borrowed DAI to buy BTC, and the demand was so high that DAI reserves were almost depleted last Friday. Maker had to introduce updates on March 10, while Rune Christensen, the co-founder of MakerDAO, bought 312 MKR at $2389, posing a 19% profit this Monday. However, MKR has reached important resistance levels at $2660 and $2750, and it might be challenging to breach them for an extended period.
The Maker could be influenced by the surging BTC, which added another 3.76% to $71,151 per coin on Monday. A breakthrough of the resistance at $2750 would open the next target at $3000.
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