What's Driving Token Prices? April 5, 2023

Katie Talati
Apr 5, 2023

Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.

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  • EUL (-3.7%) - If you recall, Euler Finance was hacked a little under a month ago for about $190M, devastating the project. Over the last few weeks, the hacker turned over a new leaf, returning funds to a user who took to social media to discuss their financial position following the hack. The team also offered a 10% bounty if the hacker returned funds. The Euler team announced yesterday that the hacker had returned all the recoverable funds.

  • MKR (-1.9%) - Maker approved a new set of guiding principles this week referred to as the Constitution, representing a step towards the Endgame (Rune’s vision for MakerDAO). The purpose of the Constitution is to hardcode certain processes and avoid public governance battles that hurt sentiment in the future. The protocol’s founder implemented the constitution without much broad-based support, drawing criticism that the DAO is authoritarian.

  • DOGE (+23%) - In classic Elon Musk fashion, the Twitter CEO replaced the Twitter logo with the Dogecoin logo on Monday, sending the token soaring. Musk has frequently referenced Dogecoin as a favorite crypto asset and mentioned that the project could find its way into Twitter.

DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."


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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

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