As Bitcoin struggled to break above $30,000, Maker DAO's native token Maker (MKR) has been one of the best performing cryptocurrencies in the past 24 hours, gaining more than 20% at one point.
However, some whales are taking advantage of this rally and transferring large amounts of MKR to exchanges, possibly to sell.
Earlier today, Bitcoinsistemi.com reported that a16z, a leading venture capital firm, deposited 12,634 MKR (worth $12.6 million) to Coinbase via address “0xd520”, and also moved MKR 6,900 (worth $8 million) to a new address.
Also, another crypto investment firm, CMS Holding, had invested MKR 525 (worth $614,000) in Binance.
Now, according to Lookonchain, a crypto analytics platform, a16z deposited another 1,500 MKR (worth $1.73 million) on Coinbase an hour ago.
Moreover, another whale unstacked the 4,210 MKR ($4.85 million worth) coin and deposited it all on Binance four hours ago. This whale had amassed MKR 4,210 (worth $3.19 million at the time) from Binance at a price of $758, making a profit of ~$1.66 million.
*Not investment advice.