The Maker price (MKR) last week, on the 1st of February 2023, was at $669.16. It had opened at $655.51 with a high of $672.82 and a low of $621.99 during the day. Maker’s price today during the opening was $789.38. In the last 7 days only, its price has risen by 27.63%. The price has also increased by 14.31% in the last 24 hours.
The maker’s price was $764.75. Maker’s market capitalization was still at $747,622,974. Its circulating supply was at $977,631 and signaling a neutral prediction sentiment at the time of writing this article.
Investors need not dishearten as the long-term prediction for Maker remains still bullish. According to expert analysis, MKR could hit $707.02 in 2024.
MKR Past Performance
The current slumps of the crypto market and blows to the cryptocurrency economy have emphasized the need for enhanced security and privacy for digital asset users. Thus, decentralized technologies are assumed to get prioritized and be in higher demand. MakerDAO is the flag bearer that has focused on the promotion of decentralized exchanges and stablecoins.
Maker’s financial performance in 2022 was not on the mark. However, it is worth mentioning that it had successfully handled the bear market better than its counterparts. With a record of $19M in profits on $62M in revenue in 2022, it somehow managed to pick itself up.
Maker’s future for 2023 looks more promising than 2022. The price of Maker is predicted to rise by 17.21% and reach $ 895.51 by next week. However, the price is predicted to drop by -14.59% and reach $652.57 by 11th March 2023.
According to expert analysts, price prediction for makers for April 2023 shows a slight improvement with an average of $618.96, and the highest possible in the same month is looking up to be at $662.29.
If we look at the long-term price prediction, Maker’s value is expected to surge by $763.89 by the end of 2023.
MKR Value is expected to surge to $763.89 by the end of 2023
In order to estimate whether or not Maker is a smart investment option right now, we need to consider various factors. This includes examining past behavior, its strength, public opinion, and important events that affect the crypto market.
MakerDAO is a great decentralized autonomous organization that uses Maker protocol to deliver transparent, cheaper, and faster transactions without the complications and formalities of a centralized system. It was built with the intention of making transactions as transparent and secure as possible.
The ecosystem of Maker is built on an Ethereum Blockchain. It hosts a protocol software platform called DAO and a stablecoin named DAI, whose value is pegged to the US dollar. MKR offers stability and governance to DAI. If the value of DAI drops, the MRK Token turns volatile. Thus, it makes Maker token a risky investment to a certain extent.
The maker has gained a lot since its official launch in 2017. It started gaining popularity at the end of 2020 and went on to gain a high of 1162% with an all-time high of $6,339.02 on 3 May 2021. With a bull run in 2021, it recorded $90 M in net operating earnings. Due to a bearish year in 2022, it suffered a fall of 42% in revenue.
MKR Prediction in the long run:
The speculation about Maker’s value in the future is divided into two strong opinions. This is not a surprise considering its performance at the last quarter of 2022.
It has only steadily picked up its value from the beginning of this year. The Maker value shows steady growth during the first week of January.
However, if we look at the daily performance, we notice that it shows a combination of increase and decrease to a certain extent.
Wallet Investor is not rooting for a long-term increase in Maker’s price. They have a prediction of just $71.47 for the year 2024.
GOV Capital feels that the future is promising for Maker, keeping in mind that new alliances could be formed and thus plummeting Maker’s value to $2674.03 by the end of 2023 and a whopping £13712.74 by 2027.
According to other predictions, the Maker’s value might reach a high of $3100.77 by 2026 and might cross £1000 by the end of 2023.
Industries’ expert analysts currently have an optimistic forecast regarding the value of Maker in the next few years. However, the sentiment is looking up to be majorly neutral. Some have speculated that it may outperform some of its competitors in terms of price. While the pessimist is more leaning towards drop-in Maker’s value.
It is important to invest with caution while investing in cryptocurrency. Even with all the expert analysis, it is advised to use own’s own discretion to minimize any harsh repercussions.
Top Alternatives to MakerDAO
There are many alternatives to MakerDAO, which looks like a great investment option for 2023. They are definitely worth considering if investors are looking to diversify their portfolios. Check out our top DAO crypto projects to learn more.
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