The last couple of weeks have lead investors to explore different, innovative cryptocurrencies. More emphasis is falling into finding cryptos that offer DeFi applications, eco-friendliness and the like. Maker (CCC:MKR-USD) delivers a play on governance tokens, an increasingly popular currency on DAO blockchains. Maker (MKR) price predictions reflect an optimistic attitude on the fledgling sector.
A DAO, or Decentralized Autonomous Organization, is a blockchain ecosystem that focuses on reaching self-sustainability. DAOs have different specific end-goals, but they place priority in phasing out the inherent “leadership” that developers hold. These blockchains are entirely self-governed, with holders of governance tokens holding all of the voting power.
MakerDAO is the DAO of Maker Protocol, a software platform for the issuance of the Dai (CCC:DAI-USD) stablecoin. MakerDAO is where the users agree upon community proposals, like the rewards for staking Dai, for example.
Maker’s MKR is the governance token for MakerDAO. Those with MKR holdings have guaranteed voting power on proposals. It is the key to Maker’s autonomy.
Maker (MKR) Price Predictions Heat Up
Maker has many features that appeal broadly to investors. Governance power, autonomy from any authority, and distinct DeFi application are a few of the reasons why buyers are turning to MKR. As such, MKR is bouncing back quickly from last week’s crypto-crash. The token is up over 80% on today’s trading session, exchanging hands at $3,781.
What are analysts thinking about the future of MKR and the coming DAO takeover? Let’s take a look at some price predictions:
- WalletInvestor is pegging a $6,227 value on MKR for May 2022, indicating a very bullish next year.
- Gov Capital is less bullish on Maker, predicting a price increase of only $200 by next May.
- DigitalCoinPrice thinks MKR can close out 2021 with a value of $5,164.
- Coinpedia is more bullish than others. The outlet predicts that by the end of 2021, MKR could be trading between $6,500 and $7,354.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.