MakerDAO's MKR price forms rare pattern amid a debt ceiling rise

Maker (MKR/USD) price formed a double-top pattern as a vote on capital deployment continued. The MKR token retreated to a low of $855.36, the lowest point since March 3 of this year. It has plunged by about 12.1% from its highest level this year.

Timeline of Maker

Maker [MKR], at press time, was one of the market's biggest weekly gainers, despite the overall bearish sentiment in the crypto-market. In fact, it recorded gains of 10% compared to Bitcoin's [BTC] 4.6% depreciation over the last 7 days.

MakerDAO, one of the first and largest DeFi protocols on Ethereum, is raking in millions of dollars. Even as it remains successful, the decentralized money market is under immense pressure from its community.

Stablecoin DAI is considering increasing the amount of money it invests in United States Treasury bonds from the current allocation of $500 million to a potential total of $1.25 billion.

MakerDAO, the decentralized autonomous organization (DAO) behind the DAI stablecoin, has proposed allocating an additional $750 million to invest in U.S Treasury bonds in order to capitalize on a favorable yield environment. The resolution, if passed, would add $750 million to the $500 million already approved in October 2022, bringing the total value to $1.25 billion.

MakerDAO, the governance token behind the fifth most popular stablecoin DAI, is contemplating an increase in its United States Treasury bond investments to $1.25 billion from its previous allocation of $500 million.

MakerDAO is considering investing $750 million in US Treasurys to take advantage of the current yield environment, with the proposal expected to increase the ceiling to $1.25 billion.

MakerDAO, the governance token behind the fourth largest stablecoin by market capitalization DAI, has decreased in trading volume by 37% and seen a 3.7% dip in token price over the last 24 hours.

Leading decentralized finance (DeFi) protocol MakerDAO [MKR] has scheduled an 8 March date to offboard its redundant stablecoin vaults. This decision came after it obtained approval from members of the protocol's governance team to do the same.

In the midst of an onslaught in the crypto market today, only one crypto made the biggest gain: Maker (MKR). At the time of writing, MKR was trading at $896, notching an impressive 21% increase in the weekly scale, and outperforming the rest of its rivals in the top 100 list of crypto market trackers Coingecko and CoinMarketCap.

Short sellers were forced to cover their bets on Maker [MKR] after the asset experienced a sudden and dramatic price increase. The MVRV has shifted position due to the recent pricing movement, making it overvalued.