Venezuelan authorities arrested seven men over the weekend whom they claimed took part in an attack on a military base outside of Valencia, the country's third-largest city. The strike took place after a video made the rounds on social media Sunday featuring men in military fatigues calling for a rebellion against Maduro.
"The significance lies in whether this suggests that Maduro is losing his grip on the military and whether we can expect to see more mutinies to come, or if this is just an isolated incident," Stuart Culverhouse, global head of macro and fixed income research at Exotix Capital, said in an email.
"Maintaining the support of the military is a key factor in Maduro's survival, and many in the military will have a vested interest in ensuring (his) survival," Culverhouse said.
Venezuela's top-ranking military officials have benefited greatly from Maduro's government. They hold influential roles and have received considerable financial sums in exchange for their loyalty to Maduro. But experts say that support is waning as the country's economic and social conditions continue to deteriorate.
As support for Maduro dwindles, the chances of a civil war increase.