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MakerDAO’s MKR Soars 28% in a Week as Token Buyback Scheme Goes Live

Maker (MKR), the governance token of $5.3 billion decentralized finance (DeFi) lender MakerDAO, surged to near a one-year high price Friday following the introduction of a token buyback program. MKR briefly rose above $1,200 early Friday for the first time since last August, the token is up 28% over the past week, significantly outperforming the 4.6% decline of the CoinDesk Market Index, which tracks the broader crypto market’s performance. The price action occurred as the lending protocol activated a token buyback scheme on Wednesday, removing MKR supply from the market. In the last 24 hours, the protocol bought back some $230,000 worth of MKR, according to blockchain data by Etherscan.

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