A notable on-chain transaction has occurred in the cryptocurrency market. According to the data tracked, an address allegedly linked to the venture capital firm Dragonfly transferred approximately 137 million SKY tokens to Coinbase.
The market value of the transfer in question was estimated at approximately $9.05 million.
Following the transfer, investors began debating whether the transaction was a possible preparation for a sell-off. According to on-chain data, the relevant SKY position was withdrawn from Binance in August 2021. At that time, the value of the assets held as Maker (MKR) was approximately $20.45 million.
Based on current prices, the value of this position has decreased to approximately $9.05 million. This indicates that the investment has lost more than half of its value over a period of about five years.
It is not yet clear whether the transfer constitutes a direct sale. The SKY token was launched as a conversion of the MKR token following the rebranding of Maker DAO.
*This is not investment advice.
