A Major Whale Company That Has Held an Altcoin Since 2021 Sold It Today at a Significant Loss

A notable on-chain transaction has occurred in the cryptocurrency market. According to the data tracked, an address allegedly linked to the venture capital firm Dragonfly transferred approximately 137 million $SKY tokens to Coinbase.

The market value of the transfer in question was estimated at approximately $9.05 million.

Following the transfer, investors began debating whether the transaction was a possible preparation for a sell-off. According to on-chain data, the relevant $SKY position was withdrawn from Binance in August 2021. At that time, the value of the assets held as Maker (MKR) was approximately $20.45 million.

Based on current prices, the value of this position has decreased to approximately $9.05 million. This indicates that the investment has lost more than half of its value over a period of about five years.

It is not yet clear whether the transfer constitutes a direct sale. The $SKY token was launched as a conversion of the MKR token following the rebranding of Maker DAO.

*This is not investment advice.