Home / Price Predictions / MakerDAO Price Prediction 2024: MKR Expands DAI Credit Line, But What Next?

MakerDAO Price Prediction 2024: MKR Expands DAI Credit Line, But What Next?

Last Updated April 4, 2024 10:09 AM
Peter Henn
Last Updated April 4, 2024 10:09 AM

Key Takeaways

  • MakerDAO’s MKR token has been performing pretty well recently, consistently trading over $3,000. 
  • MKR helps support MakerDAO’s DAI stablecoin.
  • Can MKR build on this positive foundation?
  • One MakerDAO price prediction says MKR can hit $4,593.83 in 2025.

MakerDAO’s MKR token has been on a bit of a bull run lately, as the platform’s token buyback scheme was followed by news that a stablecoin linked to it had utility on the AAVE lending platform. The buyback scheme, which went live on 19 July, sees excess MKR purchased with MakerDAO’s DAI stablecoin and then burned. 

On March 29, 2024, Maker disclosed the deployment of a 100-million DAI Direct Deposit Module into Spark’s sUSDe/DAI and USDe/DAI markets on Morpho Blue. This move aims to provide users with overcollateralized scalable liquidity, catering to those seeking to expand their exposure to Ethena’s assets.

But what is MakerDAO (MKR)? How does MakerDAO work? Let’s take a look and see what we can find out, and also examine some of the MakerDAO price predictions that were being made as of April 4, 2024.

MakerDAO Price Prediction 

Let’s take a look at some of the MakerDAO price predictions that were being made as of April 4, 2024.

It is important to remember that price forecasts, especially ones relating to something as volatile as crypto, are very often wrong. Also, we should point out that many long-term crypto price predictions are made using an algorithm, which means they can change at any time. 

2024 2025 2030
Prediction #1 $8,377.45 $9,874.61 $28,478.63
Prediction #2 $10,747.44 $14,585.81 $33,777.66
Prediction #3 $5,670 $8,564 $53,630

First, CoinCodex  made a short-term MakerDAO price prediction which said MKR should fall over the coming weeks. It said it would reach $3,614.03 by April 9 and drop to $3,527.09 by May 3. The site’s technical analysis was, perhaps surprisingly, bullish, with 26 indicators making encouraging signals and five making bearish ones.

MakerDAO Price Prediction for 2024

DigitalCoinPrice  was supremely optimistic, saying MKR would hit $8,377.45 this year. Bitnation  also saw Maker continue to rise, reaching $10,747.44, and PricePrediction.net  said MKR would reach $5,670.

MakerDAO Price Prediction for 2025

PricePrediction.net had a MakerDAO price forecast that saw it stand at $8,564 in 2025. Bitnation said it would be worth $14,585.81 that year. DigitalCoinPrice thought MKR would trade at $9,874.61 next year.

MakerDAO Forecast for 2030

In terms of a long-term MakerDAO price forecast, Bitnation said it could reach $33,777.66 in 2030. DigitalCoinPrice suggested it would get to $28,478.63. PricePrediction.net made an MKR price prediction that said the coin would get to $53,630 at the start of the next decade.

Google BardAI Price Prediction for MakerDAO (as of April 4)

Google’s BardAI platform gave the following price prediction for MakerDAO on April 4.Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligence price predictions are predicated on past performances and are in no way entirely accurate.

Short-term (3 months):

  • Expected Price: $3,466.39
  • Factors to Consider:
    • Growing adoption of Dai: Dai is becoming increasingly popular as a stablecoin, and this trend is likely to continue in the coming months. As more people use Dai, the demand for MKR will also increase.
    • Development of new features: The Maker team is constantly working on new features for the protocol, and this could lead to increased demand for MKR. For example, the team is working on a new feature that would allow users to mint Dai from other cryptocurrencies.
    • Growing interest in DeFi: DeFi is a rapidly growing industry, and Maker is one of the most popular DeFi protocols. As interest in DeFi continues to grow, MKR price could also increase.

Medium-term (6 months):

  • Expected Price: $8,662
  • Factors to Consider:
    • The overall performance of the cryptocurrency market: If the cryptocurrency market continues to recover and grow, MakerDAO is likely to benefit from this positive sentiment.
    • The adoption of Dai: If Dai continues to gain adoption as a stablecoin, this could drive demand for MKR, the token used to collateralize Dai.
    • The development of the MakerDAO ecosystem: If the MakerDAO ecosystem continues to grow and develop new features, this could also contribute to MKR’s price appreciation.

Long-term (5 years):

  • Expected Price: $9,566
  • Factors to Consider:
    • The adoption of MakerDAO by businesses and institutions: If MakerDAO becomes widely adopted by businesses and institutions, it could increase the demand for the DAI stablecoin and drive up the price of MKR.
    • The development of new features and services: If MakerDAO develops new features and services that are attractive to businesses and institutions, it could also increase the demand for DAI and MKR.
    • The overall performance of the cryptocurrency market: The price of MKR is also likely to be affected by the overall performance of the cryptocurrency market. If the cryptocurrency market as a whole is bullish, MKR is likely to follow suit. However, if the cryptocurrency market is bearish, MKR is likely to decline in price.

Recent Updates from MakerDAO

Maker announced  on March 29, 2024, that it has deployed a 100-million DAI Direct Deposit Module to Spark’s sUSDe/DAI and USDe/DAI markets on Morpho Blue, enabling overcollateralized scalable liquidity for users interested in increasing their exposure to Ethena’s assets.

It said: “Through Spark, we collaborated with DeFi’s innovators Morpho Labs and Ethena Labs to develop this product based on the growing demand for new advanced leverage solutions, unlocked by the scalability and the proven track record of the Maker Protocol and Dai. Beyond the initial allocation of 100 million DAI, Maker and Spark are expected to evaluate further liquidity increases. We anticipate more long-term collaboration opportunities between Morpho, Ethena, Maker, and Spark, as well as the wider ecosystem of innovators in DeFi.”

MKR Price History

It’s now time to talk about the MakerDAO price history . While past performance should never be taken as an indicator of future results, knowing what the token has done since it came onto the market can help give us some much needed context when it comes to either making or interpreting a MakerDAO price prediction.

MKR first came onto the open market in September 2017, it was worth about $270. When the market entered a bubble in late 2017 and early 2018, its price shot up and it reached $1,690.19 on 20 January 2018. After that, though, the market entered a so-called crypto winter, operating below $800 for pretty much the next three years. 

Things changed in early 2021 when the crypto market flourished, and MKR got involved in the action, with its price soaring to an all-time high of $6,339.02 on 3 May that year. Following that, the price slipped down to close the year at $2,337.19.

Things got even worse in 2022, when a series of market crashes led to it finally dropping below $1,000 in August and, following the collapse of the FTX exchange in November, it closed the year at $510.53, representing an annual loss of nearly 80%.

MakerDAO in 2023 and 2024

MakerDAO price history
MakerDAO price in 2023 and 2024. | Credit: CoinMarketCap

In 2023, MakerDAO’s price has seen some steady, if inconsistent, improvement. The token rallied to a high of $971.18 on 5 March. MKR’s value fell apart over the following months, with the nadir coming following the announcement that Crypto.com was suspending its U.S. institutional trading operations on June 10, when it was worth $537.78.

After that, though, it recovered and by 14 July it was worth $852.43. MKR broke past $1,000 on 16 July, fell to $894.99 on 18 July and then hit $1,203.40 on 21 July.

Although MKR dipped slightly after that, it bounced back. On August 2, it traded at $1,351.42, its highest price since May 2022.

The crypto then fell down, as Elon Musk’s SpaceX offloading millions of dollars worth of Bitcoin crashed the market. MKR stayed above $1,000, though, and the AAVE news saw it trade at around $1,150 on August 31 2023.

It then rose to around $1,707 on the first day of 2024, before trading at $2,138.18 on January 25, 2024. MKR then jumped again, reaching $3,849.76 on April 4, 2024.

At that time, there were 924,610 MKR in circulation, out of 977,631 of the total supply. This gave the crypto a market cap of about $3.56 billion, making it the 37th largest crypto by that metric.

MakerDAO Price Analysis

MakerDAO Price Analysis
MakerDAO could reach a new all-time high this year.

The price of MKR reached its bear market bottom of $500 in January 2023, after which it started a new bull phase. On January 10 this year, it surged to a peak of $2,260, reflecting a 360% increase. After some sideways movement, it broke out on March 9 above the horizontal resistance and increased to a yearly high of $4,081 on March 31. 

As suggested by the wave structure, this is most likely the third wave of a larger five-wave impulse that will lead MKR to a new all-time high. We can see a resemblance to its previous all-time high run-up from March 2020 to May 2021. 

The daily chart RSI is signaling overbought conditions, so a corrective phase is expected to start. It could fall back to the $2,500 area but should stay above it. 

A new all-time high could come in 2024, with our target at $8,200. This would depend on many things, such as the depth of the expected retracement and the strength behind the upward momentum.

Is MakerDAO a Good Investment?

It is hard to say. The AAVE announcement has boosted MKR’s price, but we don’t know how long that will last. Likewise, while the platform bolstered its reserves, that could all fade away. It remains to be seen if the Maker DAO itself will approve SparkLend on Gnosis, and we still don’t know what impact this will have on MKR. 

At a time when the world of crypto has been shaken by the United States Security and Exchange Commission (SEC)’s legal activities, some caution is, as ever advised. If you want to invest in MakerDAO, you will have to do your own research first.

Will MakerDAO go up or down?

No one can honestly say for sure right now. While price prediction sites are upbeat about the token’s chances, price predictions are wrong more often than not. You should also remember that prices can, and do, go down as well as up. 

Should I invest in MakerDAO?

Before you decide whether or not to invest in MakerDAO, you will need to do your own research, not only on MKR but on other, similar, coins and tokens, such as Terra Classic (LUNC). More importantly, though, you must make sure you never invest more money than you can afford to lose.

Who is the Founder of MakerDAO?

Rune Christensen – a developer and entrepreneur – is regarded as the founder of MakerDAO. Launched in August 2015 by the founding team, the role of the MKR token was to act as a governance token.

Who Owns the Most MakerDAO (MKR)?

The wallet with the most DAO is linked to MakerDAO itself.

Richest MKR Wallet Addresses

As of April 4, 2024, 2024, the addresses with the most DAO were

  • 0x0a3f6849f78076aefadf113f5bed87720274ddc0. This wallet held 142,455 DAO, or 14.57% of the supply.
  • 0xbe8e3e3618f7474f8cb1d074a26affef007e98fb. This wallet held 53,246 DAO, or 5.45% of the supply.
  • 0x14ceff4bc1ec64d7dd3c49538c10bbebd4e1f1b5. This wallet held 43,447 DAO, or 4.44% of the supply.
  • 0xe9aaa7a9ddc0877626c1779abc29993ad89a6c1f. This wallet held 31,984 DAO, or 3.27% of the supply.
  • 0xbba4c8eb57df16c4cfabe4e9a3ab697a3e0c65d8. This wallet held 28,576 DAO, or 2.92% of the supply.

Fact Box

Supply and distribution Figures
Maximum supply 1,005,577
Circulating supply (on April 4, 2024) 924,610 (92% of maximum supply)
Holder distribution Top 10 holders own 43% of maximum supply, as of April 4, 2024

From the Whitepaper

The Maker Protocol’s technical documentation, or whitepaper , says it aims to let people create DAI with their own collateral. 

It adds: “Blockchain technology provides an unprecedented opportunity to ease the public’s growing frustration with—and distrust of—dysfunctional centralized financial systems. By distributing data across a network of computers, the technology allows any group of individuals to embrace transparency rather than central-entity control. 

“The result is an unbiased, transparent, and highly efficient permissionless system—one that can improve current global financial and monetary structures and better serve the public good.”

MakerDAO (MKR) Explained

Danish crypto entrepreneur Rune Christiansen set up the MakerDAO  (Decentralized Autonomous Organization) in 2014. Christiansen’s goal was to allow people to use crypto as collateral while taking out loans. 

The Maker Protocol, came out in 2017. It supports the DAI stablecoin, which matches the value of the dollar. DAI and MKR are linked through a series of smart contracts, computer programs which automatically execute when certain conditions are met. 

The MKR crypto token supports both MakerDAO and the Maker Protocol.

How MakerDAO Works

Both the MakerDAO and Maker Protocol systems operate on the Ethereum (ETH) blockchain. MakerDAO allows people to take out loans in the DAI stablecoin, providing crypto as collateral. Meanwhile, the Maker Protocol ensures that DAI stays pegged to the dollar. 

MKR is, technically, called Maker. However, many people still call it MakerDAO. People who hold the token can vote on changes to the network. People can buy, sell, and trade MKR on exchanges. 

One thing that we should mention here is that, because MakerDAO exists on the Ethereum blockchain, it is a token, rather than a coin. You might see references to such things as a MakerDAO coin price prediction, but these are wrong.

MakerDAO Attention Tracker

MakerDAO Google search volume
MakerDAO Google search volume. | Credit: Google

Here is a chart for MakerDAO Google search volume for the past 90 days. This represents how many times the term “MakerDAO DAO” has been Googled over the previous 90 days.

FAQs 

How many MakerDAO are there?

As of April 4, 2024, there were 924,610 MKR in circulation, out of 977,631 of the total supply.

Will MakerDAO reach $10,000?

It might do but, if it does, it won’t be for a while yet. DigitalCoinPrice and PricePrediction.net thought it could reach five figures by 2029 while Bitnation expects it to reach that level in 2025. 

Keep in mind that MKR’s highest-ever price was $6,339.02. It reached that figure on May 3, 2021.

What is MakerDAO used for?

MKR is a governance token, meaning that people who hold it can vote on proposals to changes to the MakerDAO crypto lending platform and the Maker Protocol, which manages the DAI stablecoin.

Disclaimer

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.