Venture capital firm a16z has made another significant deposit of Maker (MKR) to Coinbase, as reported by Lookonchain on Twitter on July 23, 2023. The firm deposited 1,380 MKR, equivalent to approximately $1.52 million, into the address “0x127941a7741bf11B0391fE995beB60852e5eC13f”.
This is not the first time a16z has made such a move. On July 21, 2023, Lookonchain reported that a16z deposited 1,500 MKR, worth around $1.73 million, to Coinbase.
Currently, the address “0x127941a7741bf11B0391fE995beB60852e5eC13f” holds a substantial amount of MKR, totaling 5,520 MKR, which is valued at around $6 million.
In addition to a16z’s activities, another significant transaction was reported by Lookonchain. An unidentified whale unstaked 4,210 MKR, equivalent to about $4.85 million, and deposited all the MKR to Binance.
Adding to this, a tweet from EmberCN on July 18, 2023, provides further insight into a16z’s recent MKR transactions.
According to the tweet, a16z has been moving MKR into Coinbase from the address “0xd52055A39a3d2f7505C739f981f296Ea31B50191”. In the past week, 9,004 MKR, valued at approximately $8.43 million, have been transferred to Coinbase from a16z-related addresses. As of the tweet’s date, a16z-related addresses still hold a total of 28,514 MKR, worth around $26.7 million.
The recent transactions by a16z and the unidentified whale may indicate the ongoing selling pressure in the Maker (MKR) market. However, the reasons behind these significant deposits remain unclear. As always, investors and market watchers are advised to conduct their own research and exercise caution when dealing with cryptocurrency investments.
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