In a recent move, Paradigm Capital transferred $3.5 million worth of Maker (MKR) tokens to US-based crypto exchange Coinbase. This comes just a few days after venture capital firm Andressen Horowitz (a16z) transferred over $9.7 million worth of MKR tokens to the same exchange.
According to blockchain intelligence and analytics platform Arkham, Paradigm Capital transferred 3,000 MKR tokens to Coinbase on Wednesday. The transfer was made from a crypto wallet controlled by Paradigm to an over-the-counter (OTC) wallet. Additionally, on March 16, Lookonchain reported that the Paradigm wallet had moved 26,625 MKR tokens worth $19.8 million to Coinbase.
The large transfers of MKR tokens have had an impact on the price of the token. With each transfer made by a16z, the price of MKR decreased. However, the price of MKR saw a slight increase of nearly 4% in the past 24 hours and 19% in the past seven days. This increase coincided with Bitcoin climbing above $29,600 after the Federal Reserve hiked interest rates by 25 bps.
It is worth noting that these transfers have sparked interest in the crypto community, as they indicate a potential sell-off for the MakerDAO governance token. Both Paradigm Capital and a16z are well-known venture capital firms actively involved in the cryptocurrency space.
As the crypto market continues to evolve, it will be interesting to see how these large transfers and the involvement of major players like Paradigm Capital and a16z impact the price and market dynamics of MKR and other cryptocurrencies. Such movements often indicate significant developments in the underlying projects and can provide insights into the strategies and market sentiments of these prominent investors.
Disclaimer: The information provided in this article is based on the mentioned source and does not constitute financial advice. Cryptocurrency investments are subject to market risks, and readers should do their own research before making any investment decisions.