As Bitcoin continues to struggle to hold the $30,000 level, Maker DAO's altcoin Maker (MKR) has become the third highest-grossing cryptocurrency in the last 24 hours.
MKR, which has gained more than 20% in the last 24 hours, recouped some of these gains and stands at $1,138.88, up 16%.
Popular crypto platform Lookonchain also drew attention to this rise of MKR, saying that some companies turned this rise in MKR into an opportunity and transferred MKR to exchanges.
At this point, Lookonchain said that a16z deposited MKR 12,634 (worth $12.6 million) to Coinbase via the address “0xd520”, as well as transferred another MKR 6,900 (worth $8 million) to a new address.
Lookonchain also stated that a16z can transfer these MKRs to exchanges as well, currently holding MKR 12,396 (worth $14.4 million).
Apart from a16z, CMS Holding also invested 525 MKR ($614k) in Binance.
It is stated that CMS Holding has withdrawn 1,325 MKR (currently worth 1.54 million dollars) from Binance and Bitget at an average of $ 793.
“Your MKR price has increased ~20% today.
We noticed that a16z has recently deposited MKR on Coinbase to sell. CMS Holding also decreased its MKR assets it had accumulated 2 hours ago.
a16z deposited MKR 12,864 ($12.6 million) to Coinbase via the address “0xd520”.
a16z transferred 6,900 MKR ($8 million) to a new address 6 hours ago, it can deposit money on exchanges again.
And it currently costs MKR 12,396 ($14.4 million).
CMS Holdings deposited 525 MKR ($614,000) in Binance 2 hours ago.
CMS Holdings pulled 1,325 MKR (currently $1.54 million) on Binance and Bitget at an average price of $793.”
1/ The price of $MKR skyrocketed by ~20% today.
We noticed that a16z has been depositing $MKR to #Coinbase to sell recently.
And CMS Holdings also reduced its holdings of recently accumulated $MKR 2 hrs ago. pic.twitter.com/6AvjWf9NYh
— Lookonchain (@lookonchain) July 21, 2023
While it remains unclear whether companies will continue their MKR sales, in case of large sales, MKR price pullbacks may occur.
*Not investment advice.
