Maker Pre-Event Rally: MKR Price Jumps 12.57% Amid Anticipation for Seoul’s SubDAO Launch

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Maker (MKR), the governance token behind MakerDAO and the Maker Protocol, both built on the Ethereum blockchain, has experienced a notable surge in value over the past 24 hours, just ahead of an anticipated event in Seoul scheduled for Friday.

According to the latest data from TradingView and Coingecko, the price of Maker (MKR) has surged by approximately 12.57 percent within the last day, reaching a trading value of approximately $1,168. Market data aggregated by Coinmarketcap, which is backed by Binance, reveals that the 24-hour average trading volume for Maker has risen by over 182 percent, reaching around $149 million.

Maker Team Lands in Seoul For the SubDAO Event

The Maker (MKR) team has arrived in Seoul in preparation for the SubDAO event, a significant announcement made on August 28th. This move towards SubDAOs marks a pivotal advancement for both MakerDAO and the DAI Stablecoins market.

This strategic step underscores the team’s commitment to unleashing the potential of Decentralized Autonomous Organizations (DAOs) at a time when the mainstream adoption of digital assets is gaining momentum. The event, named EthconKorea, is poised to gather DeFi developers and investors from Friday, September 01, to Sunday, September 03, 2023.

Of particular note is the participation of the SparkLend protocol team, developers of an innovative lending platform designed specifically for DAI users, among the roster of speakers at the EthconKorea event in Seoul.

Analyzing the recent fluctuations in the price of MKR, it is evident that this resurgence follows the trajectory of a year-to-date bullish trend. The daily time frame reveals that the MKR price remains influenced by a golden cross formed between the 50 and 200 Moving Averages (MAs). Furthermore, as a mid-cap altcoin with a market capitalization hovering around $1 billion, MKR enjoyed robust support at the level of its double-bottom formation earlier this year, valued at around $510.