Maker Price Surges 7% Despite Facing a Crash After a Phishing Attack Earlier This Week

The Maker price has surged 7% in the last 24 hours to trade at $2359 as of 4:50 a.m. EST, on a 1.65% jump in trading volume to $113 million.

This jump comes despite facing a crash due to a phishing attack over the weekend. On Sunday, June 23, an Ethereum wallet was hit by a phishing attack, resulting in the loss of $11.1 million worth of cryptocurrency. 

🚨💔 5 hours ago, a victim lost $11 million worth of aEthMKR and Pendle USDe tokens due to signing multiple Permit phishing signatures. pic.twitter.com/9jhgQMdkl9

— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer) June 23, 2024

The stolen assets included $2.4 million in Ethena’s USDe and 3,657 Maker Tokens valued at $8.7 million. This incident significantly impacted the price of MKR tokens.

The stolen funds, amounting to approximately 0.55% of the cryptocurrency’s market capitalization, were swiftly exchanged for ETH, exerting enough selling pressure to influence the price of MKR.

The owner of the compromised wallet seems to have authorized several fraudulent transactions, resulting in the loss of their funds due to a tactic known as permit phishing.

Hopping in this Maker trade

Under 2269 is a buy$MKR $pMKR pic.twitter.com/CJCAhXqfFR

— Liquidized🕳️ (@0xNismo) June 19, 2024

Maker Price Statistics

• MKR price: $2359
• Market Cap:$2.18Billion  
• Fully Diluted Valuation: $2.30Billlion 
• Trading Volume $13.5Million
• Total Value Locked (TVL):** $5.92Billion  
• Circulating Supply: 928.7K  
• Total Supply: 977.6

MKR Price Battles To Break Above Falling Channel, Eyeing New Highs

The Maker price has been consistently dropping recently, as the struggle for price control led to a falling wedge pattern. However, buyers are trying to push the price up, while resistance at the wedges upper trendline remains strong. 

A strong technical base could be set for more gains if the price closes above the wedge. This might encourage traders to go long on MKR, potentially pushing its value past the current all-time high.

MKRUSD (Source: Tradingview)

Technical analysis of MKR shows that the token has found strong support, suggesting potential gains. 

Maker’s Relative Strength Index (RSI) has bounced back from an oversold level of 30 to a midpoint of 50. If this momentum continues, the RSI could climb into the overbought zone around 70.

In the short term, the Moving Average Convergence Divergence (MACD) indicator points to a positive trend for MKR. The MACD line, which tracks the difference between two moving averages of the token’s price, is currently above the Signal line, which is a smoothed average of the MACD line. 

The MACD line is also slightly above the neutral level, indicating that the recent bullish momentum may continue. This setup suggests that the token’s price could experience further upward movement if the positive trend persists.

Maker Price May Break Above The Falling Wedge

Bullish momentum for MKR on the 12-hour timeframe suggests the price could reach the $2672 mark, confirming a long position. Upside targets are set between $3248 and $3754. 

However, the position may become invalid if the price falls below $2672. The bullish outlook might weaken, potentially pushing the token to the $1739 support level. A further decline to $1500 could follow.

Final Thought 

As more applications integrate the permit function, granting permissions is becoming increasingly normalized. Even someone with $11 million in their wallet likely understood the risks, but mistakes can still happen.

Considering the inherent risks of interacting with smart contracts, the safest approach is only to fund hot wallets with the amount needed for planned DeFi activities. Using a dedicated hardware wallet remains the most secure option for assets intended to be held long-term.

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