Recent Surge of MakerDAO's MKR Raises Suspicions About Price Manipulation: Report

  • Alex Dovbnya
    📰 News

    The MakerDao (MKR), the 22nd biggest cryptocurrency on the market, has recently witnessed a huge spike in price, nearly doubling its price in just a couple of days

Recent Surge of MakerDAO's MKR Raises Suspicions About Price Manipulation: Report
Cover image via u.today

MakerDao (MKR), the 22nd biggest cryptocurrency on the market, has recently witnessed a huge spike in price, nearly doubling its price in just a couple of days. A newly published report by DataLight shows that there is very little to be excited about since this might be a textbook example of price manipulation.

Recent Surge of MakerDAO's MKR Raises Suspicions About Price Manipulation: Report

Unlike Dai (DAI), MKR is not a stablecoin, so certain price volatility is natural. However, the study points out that despite the recent price uptick the number of holders remains the same. Moreover, nearly half of all the MKR tokens are controlled by only three holders.

Dao

Back in September, Andreessen Horowitz bought six percent of the total MKR supply.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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