A16z, an American venture capital firm, is known for its investments in the cryptocurrency sector. a16z has invested in many altcoins to date.
According to the information conveyed by Look On-Chain, a successful data provider, a16z performs MKR transfers. a16z also sold MKR in the previous period. Look On-Chain shared the following information on the official Twitter account:
Note that a16z transferred 6,750 $MKR ($8.25M) to a new address 8 mins ago. a16z will likely sell $MKR again. Follow this address to see when a16z transfers $MKR to exchanges.
Preparing to sell $8.25 million worth of MKR, a16z may cause the popular altcoin to lose a significant amount of value with these sales. At the time of writing, MKR is trading at $1,168. The popular altcoin has managed to gain 2 percent as of today.