According to Wu Blockchain, blockchain analytics company Spot On Chain has reported that venture capital firm a16z deposited 1,380 MKR tokens ($1.54 million total) into Coinbase 11 hours ago. Over the past week, a16z has been depositing MKR into Coinbase daily, accumulating a total of 9,223 tokens valued at $9.73 million.
Spot On Chain suggests that the price of MKR has dropped following each deposit. Nonetheless, a16z still holds a significant stake in MKR, retaining 16,536 tokens, worth approximately $17.62 million.