Maker price has increased 16% over the past week, emerging as one of the best performing altcoins in the ecosystem. The Ethereum-based DeFi token is used in the generation of the stablecoin DAI.
The supply of the token held by top addresses is gradually increasing since September 6, suggesting that MKR's recent price gains are likely to be sustained.
The crypto market has been trading around 1.08 trillion over the last day. The trading range is narrowing as the Fed decision approaches. However, it is worth highlighting the pressure on the markets early on Wednesday and the intensification of cryptocurrency selling as the cap rises towards 1.09 trillion.
Bitcoin encountered resistance at $27.4K. Attempts to break above the 50-day moving average for the third day met strong resistance. All financial markets have taken a wait-and-see approach ahead of monetary policy decisions in the US, Switzerland, the UK, and Japan.
BASE, Coinbase’s Layer 2 network chain, has launched an open source monitoring tool to help support the security of OP Stack and EVM-compatible chains. Since BASE’s mainnet launch on August 9, there have been security incidents where users lost over $5 million in funds to rug pulls.
Monitoring, assessment and an alert-based system could help tackle such incidents in the future. BASE has, therefore, opened its Pessimism for the entire Layer 2 ecosystem.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.