MKR price outlook after Paradigm’s $3.5M deposit to Coinbase

• Paradigm’s MKR transfer comes a few days after Andressen Horowitz (a16z) moved over $9.7 million worth of the tokens to the exchange.
• MKR price has traded lower with the recent large transfers of the token.
• However, MKR was higher late afternoon after the Fed’s rate hike saw Bitcoin climb above $29,600.

It’s been a few days of huge transfers for MakerDAO token Maker (MKR) onto exchanges – specifically onto US-based crypto exchange Coinbase.

According to blockchain intelligence and analytics platform Arkham, Paradigm Capital moved $3.5 million worth of MKR. Per the data, the venture platform transferred 3,000 MKR tokens to Coinbase on Wednesday. The transfers were from a crypto wallet controlled by Paradigm to an OTC wallet.

Lookonchain also highlighted the transfer, noting the Paradigm wallet moved 26,625 MKR worth $19.8 million to Coinbase on March 16.

MKR price up as BTC hits $29.6k

As reported last week, venture capital firm a16z made a series of MKR transfers as the market primed for a sell-off for the MakerDAO governance token. a16z moved about $9.7 million of the tokens to Coinbase, with blockchain data showing the price of MKR swung lower with each of the transactions.

MKR was changing hands around $1,184 on Wednesday afternoon, nearly 4% up in the past 24 hours and 19% up in the past seven days. The gains came as Bitcoin moved above $29,600 after the Federal Reserve hiked interest rates by 25 bps again having paused in June.

Stocks drifted after the Fed left all options on the table amid the quest to bring inflation down to the 2% target.