Venture capital firm a16z has made another important deposit from the manufacturer (MKR) to coin baseas reported by Lookonchain on Twitter on July 23, 2023. The company deposited 1,380 MKR, equivalent to approximately $1.52 million, at 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, into Coinbase.

Currently, the address “0x127941a7741bf11B0391fE995beB60852e5eC13fHe owns a substantial amount of MKR, totaling 5,520 MKR, which is valued at around $6 million.

In addition to a16z’s activities, Lookonchain reported another important transaction. An unidentified whale took 4,210 MKR, equivalent to about $4.85 million, and deposited all of the MKR on Binance.

In addition to this, an EmberCN tweet from July 18, 2023 provides more information about a16z’s recent MKR transactions.

According to the cheep, a16z has been moving MKR to Coinbase from the address “0xd52055A39a3d2f7505C739f981f296Ea31B50191”. Last week, 9,004 MKR, valued at approximately $8.43 million, were transferred to Coinbase from a16z-related addresses. As of the date of the tweet, the addresses related to a16z still hold a total of 28,514 MKR, worth around $26.7 million.

The recent transactions of a16z and the unidentified whale may indicate ongoing selling pressure in the Maker (MKR) market. However, the reasons behind these significant deposits remain unclear. As always, investors and market observers are advised to do their own research and exercise caution when dealing with cryptocurrency investments.

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