Wallet 0x9db (likely Multicoin Capital) just deposited 423,263 GAL ($1.58M) to Coinbase at $3.721:

• transaction: 0xd3e4594f67308f73493436f5b48ff3967a43f1e826b4a5c233a652153aa17b49
• address: 0x9db8cb8ddec721aa2ec51e5417af862132e7ba08
• This address belongs to the entity Multicoin Capital

Notably, the VC received those GAL tokens from the "Galxe: Initial Treasury" only 17 hours ago. On May 5, Galxe was expected to unlock 5.78M GAL ($19.8M), or 5.76% of the circulating supply, to investors, advisors, the team, and the community, according to Token Unlock.

Overall, since August 8, 2022, Multicoin Capital has vested 3.386M GAL from Galxe in 8 trimonthly releases at an average price of $2.33 (total: $7.86M) and then deposited all the tokens to Coinbase at $2.042 on average ($6.92M), shortly after receiving.

Fig 1. Multicoin Capital's alleged recent GAL activities.

Fig 2. The price chart of Multicoin Capital's overall GAL vestings and deposits.