MakerDAO's MKR crypto rips 40% higher on news of coveted Coinbase listing

The past few months have seen Coinbase throw millions of dollars at supporting the budding decentralized finance ecosystem based on Ethereum.

This has continued into 2020, with Coinbase Pro recently announcing that it is looking to launch trading support for Maker/MKR, the flagship token of the "Godfather" of DeFi protocols, MakerDAO.MKR crypto surges 40% higher in a single day.

In April 2019, Coinbase Pro attempted to list MKR in a select set of jurisdictions.

"In April 2019, Coinbase Pro launched support for MKR in a limited number of jurisdictions. Due to limited liquidity, these books failed to meet our metrics for a healthy market and did not proceed to trading, meaning no trades were executed."

Investors have seen this news as a big boost to the MKR bull case, with the asset rallying by 40 percent in the past 24 hours to $500 - a level not seen since early March.

The reason why the altcoin is rallying is probably due to the fact that Coinbase will be launching Maker trading for all supported jurisdictions.

Blockchain analytics firm Santiment suggested that MKR may rally even further than $500, though.

While trading volume for MKR has spiked, an influx in social media mentions regarding the cryptocurrency has yet to come to fruition, the firm noted.

Although MKR's rally is unique in that it is a multi-hundred-million-dollar asset rallying over 40 percent in a single day, it isn't the only coin accepted by Coinbase Pro to have recently surged higher.

Although today's rally in the MKR price is clearly predicated on the Coinbase listing, that's not to say that MakerDAO's fundamentals are improving.