Maker Is Struggling ahead of the Rebranding
Maker (MKR) is down 1.0% this week to $1,501, performing slightly better than Bitcoin (BTC), which slipped 2.2% to $110,360. The token is under pressure from the broader negative crypto sentiment but remains supported ahead of its rebranding to SKY on September 15.
Binance has announced it will delist all MKR spot trading pairs by that date, halt MKR deposits and withdrawals, and automatically convert all tokens into SKY at a 1:24,000 ratio. Following the migration, SKY will fully replace MKR across trading markets.
Technically, MKR is holding at the key $1,500 support, though trading has slipped below its trend support. The token is pressured by the overall negative crypto market sentiment.
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