“Maybe that's why Justin Sun acted like that.”
Tron (TRX) network founder Justin Sun reportedly transferred $4.3 million worth of MakerDAO (MKR) tokens to cryptocurrency giant Binance on Tuesday, where he is rumored to be looking to sell the digital asset.
Through observation, the wallet linked to Sun has sent a total of 6,802 MKR to the Binance account through an intermediary wallet*.
*An intermediary wallet between crypto holders and funds on the blockchain
The transfer has occurred as MakerDAO undergoes a massive overhaul of its governance structure, a process called Endgame.
Led by protocol founder Rune Christensen, his team that intends to issue its own token, upgrade and rename DAI and MKR has broken the decentralized autonomous organization (DAO) into smaller self-governing entities called SubDAOs.
Although approved by a governance vote, the Endgame plan also sparked a backlash among community members in the protocol as a large number of delegates and developers resigned from their roles over the past few months.
In context, the illiquid MKR spot market means that the price can experience significant selling pressure, for example the digital asset can slip 2% if selling 525 MKR on the MKR/USDT pair on Binance.
It is well known that MKR which is currently hovering at the price level of $631 is the governance token of MakerDAO, which is one of the largest decentralized finance (DeFi) protocols and the producer of the $4.7 billion DAI stablecoin.
