Maker Rallies 30% in One Hour Amid Upcoming Coinbase Pro Listing

Published at: May 29, 2020

Support for Maker (MKR), the token underpinning the leading decentralized finance, or DeFi, protocol MakerDAO, is set to launch on Coinbase Pro on June 8.

The U.S.-based cryptocurrency exchange announced the forthcoming listing on May 29, with USD and Bitcoin (BTC) pairings set to go live in phases.

Coinbase Pro announces Maker pairings

Coinbase Pro will begin accepting MKR deposits on Monday, June 8. Trading is slated to commence at approximately 9am Pacific Time on June 9, providing the exchange’s MKR orderbook garners meaningful liquidity.

“[T]rading on our MKR-USD and MKR-BTC order books will start in phases, beginning with post-only mode and proceeding to full trading should our metrics for a healthy market be met,” Coinbase Pro stated.

MKR rallies 30% in one hour

Maker currently comprises the largest DeFi project by assets under management, currently representing $486.3 million in locked funds or 54% of the entire DeFi capitalization according to DeFi Pulse.

News of the forthcoming listing triggered a 30% rally in the price of Maker in just one hour, with MKR gaining from roughly $350 to $457 in 60 minutes.

MKR/USD on Bitfinex: TradingView

Maker is currently up nearly 130% from the depths of its Black Thursday lows.

Tags
Blockchain
Cryptocurrency Exchange
Defi
Coinbase
Makerdao
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