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Cryptos: 19.97M
Exchanges: 842
Market Cap: 
$3.98T
0.84%
24h Vol: 
$193.66B
7.77%
Dominance: BTC: 57.5% ETH: 14.4%
 ETH Gas: 
2.24 Gwei
 Fear & Greed: 
56/100

Latest Maker (MKR) Price Analysis

By CMC AI
23 August 2025 03:41PM (UTC+0)
See MKR Price Chart

Why is MKR’s price down today? (23/08/2025)

TLDR
Maker (MKR) fell 2.12% over the last 24h, extending a 10% weekly decline. Here’s why:

  1. Exchange delisting shock – Bitget removed MKR spot/futures trading, triggering forced liquidations and panic selling.
  2. Rebrand uncertainty – Ongoing MKR→SKY token swap (1:24k ratio) fuels confusion and pre-swap profit-taking.
  3. Credit downgrade fallout – S&P’s “B-” rating (Aug 11) highlighted governance and capitalization risks, denting confidence.

Deep Dive

1. Bitget Delisting Impact (Bearish)

Overview:
Bitget announced on August 22 it would delist MKR spot, margin, and futures markets by August 29, forcing users to close positions. Trading volume spiked 50% to $149M as holders exited.

What this means:
Delistings reduce liquidity and signal reduced institutional support. The timing exacerbated selling pressure as traders shifted assets to compliant exchanges ahead of deadlines. Historical data shows delisted coins average 15–20% drops in the first 72h.

What to look out for:
Whether other exchanges follow Bitget’s lead – Tokocrypto and INDODAX have similar delisting plans for September.

2. Sky Rebrand Volatility (Mixed Impact)

Overview:
MKR is being replaced by SKY tokens in a 1:24,000 redenomination (Bitfinex). While intended to improve governance, the transition has fragmented liquidity and caused speculative churn.

What this means:
Long-term holders are locking MKR into staking contracts (40k MKR staked June 2), but short-term traders are dumping due to SKY’s unproven market dynamics. The 24,000:1 ratio creates psychological resistance – SKY must hold $0.067 to match MKR’s current $1,611.

3. S&P Rating Hangover (Bearish)

Overview:
S&P Global’s August 11 “B-” credit rating for Sky Protocol (ex-Maker) flagged centralization risks (founder controls 9% of governance tokens) and a razor-thin 0.4% risk-adjusted capital buffer.

What this means:
The report validated bearish concerns about Maker’s ability to handle black swan events like 2020’s “Black Thursday.” MKR has shed 21% since the rating, underperforming DeFi peers (AAVE -9%, COMP -12%).

Conclusion

MKR’s decline reflects a toxic mix of technical delisting pressure, rebrand uncertainty, and lingering credibility issues from S&P’s critique. While the SKY transition could revive interest long-term, traders are pricing in execution risk.

Key watch: SKY’s debut price post-swap (expected September 15) – a sub-$0.06 launch would imply further MKR downside.

Why is MKR’s price up today? (22/08/2025)

TLDR
Maker (MKR) rose 0.75% in the past 24h, outperforming a flat crypto market (+0.21% global cap). Key drivers:

  1. Token swap momentum – Exchanges like Bitfinex and Tokocrypto confirmed MKR-to-SKY migration plans for September 2025, incentivizing accumulation.
  2. DeFi resilience – MKR gained alongside sector peers (e.g., Chainlink +14%) despite broader market weakness.
  3. Technical bounce – Price stabilized above 200-day SMA ($1,614), attracting short-term traders.

Deep Dive

1. Token Swap Catalysts (Mixed Impact)

Overview: Multiple exchanges (Bitfinex, Tokocrypto, INDODAX) announced timelines for phasing out MKR trading pairs by September 2025 ahead of its redenomination to SKY at a 1:24,000 ratio (Bitfinex).

What this means:
- Near-term demand rose as traders position for the swap, fearing reduced liquidity post-delisting.
- Uncertainty persists: The September 18 penalty phase (degrading conversion rates for late upgraders) creates urgency but also risks sell pressure post-migration.

What to look out for: SKY token listing timelines and whether MKR holders accelerate upgrades before penalties apply.

2. DeFi Sector Strength (Bullish Impact)

Overview: DeFi tokens outperformed the market on August 18 (+1.81% sector average), with MKR rising alongside Chainlink (+14%) after strategic partnership news (MEXC News).

What this means:
- Narrative-driven buying favored governance tokens with clear utility (MKR governs DAI stablecoin).
- ETH staking withdrawals (855K ETH unstaked) may have redirected capital to DeFi bluechips like MKR.

3. Technical Rebound (Neutral Impact)

Overview: MKR reclaimed its 200-day SMA ($1,614) after a 9% weekly drop, with RSI(14) at 32.88 suggesting oversold conditions.

What this means:
- Algorithmic traders likely entered near the 200-day level, a historically strong support zone.
- Resistance looms at the 30-day SMA ($1,953) – a break above could signal trend reversal.

Conclusion

MKR’s uptick reflects swap-driven accumulation and sector rotation into DeFi, though macroeconomic headwinds (Fed rate uncertainty) and SKY migration risks cap upside.

Key watch: Will MKR hold $1,600 support through August’s ETF flow volatility?

CMC AI can make mistakes. Not financial advice.
MKR
MakerMKR
|
$1,610.78

3.97% (1d)

See MKR Price Chart