MKR Price Surges 7% as MakerDAO Launches $1.35M Endgame Audit Contest

Maker (MKR) price is up on the day as the cryptocurrency alongside Kaspa (KAS) and Injective (INJ) post top gains among the leading 100 cryptocurrencies by market cap.

Cryptocurrency prices showed mixed signs on Thursday, with Maker (MKR) posting top gains among the leading 100 cryptocurrencies by market cap.

The MakerDAO governance token was up 7% in the past 24 hours, reaching intraday highs of $2,561 on Thursday morning.

MKR price showed signs of strength after a recent announcement by MakerDAO on the launch of the Endgame audit contest, which will see participants earn from a 1,350,000 DAI rewards pot.

Cryptocurrency prices showed mixed signs on Thursday, continuing from a largely positive session in the past 24 hours. Most of the top 20 cryptocurrencies were in the green, with Maker (MKR) leading the way with 7% gains in 24 hours.

However, the world’s second-largest cryptocurrency, Ether (ETH), showed signs of weakness as it slipped 0.26% to lows of $1,700. At the same time, Bitcoin (BTC) showed some resilience from 24-hour lows around $22,000. But BTC price also showed some weakness as it failed to fully recover past the resistance at $22,500.

Cryptocurrency heatmap on Thursday, July 8. Source: Coin360

Data from Coin360 showed that MKR price surged past the resistance at $2,400 to reach 24-hour highs of $2,561. At the time of writing, MKR was trading around $2,480, with 24-hour trading volume spiking 47% to reach $116,400,000.

MKR price also showed signs of strength on the weekly chart, up 12.23% over the past seven days. The 24-hour highs also marked a 14-day high for the DeFi governance token.

After reaching 24-hour lows of $2,335 on Wednesday, MKR price quickly recovered past the 50-day moving average (MA) to begin an uptrend that saw it surge towards 24-hour highs.

MKR/USD 24-hour price chart. Source: CoinMarketCap

Cryptocurrency prices showed signs of weakness in the past month as MKR price slipped 24.68% from 24-hour highs of $3,300 on June 8. But the uptrend in the past week saw MKR price begin to recover some of the losses.

After beginning 2024 at 24-hour highs of $2,950 on January 2, MKR price slipped to 24-hour lows of $2,100 in the past six months. But the cryptocurrency quickly recovered past the 200-day MA to begin an uptrend that saw it reach 24-hour highs of $2,700 in late January.

Cryptocurrency prices showed some volatility in 2023 after a bearish 2022. But the beginning of 2024 saw a shift in momentum as most major cryptocurrencies began to post 24-hour price increases.

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