a16z transferred 6,750 MKR

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.