- Vitalik Buterin and Ethereum Foundation Transfer 15K ETH to Kraken: Could it Trigger an Ethereum Price Decline?
- Ethereum Founder Vitalik Buterin Sells 200 ETH, Followed by Ethereum Foundation Selling 15,000 ETH on Crypto Exchange.
Usually, Ethereum Foundation sells small quantities of ETH to handle operations, while Vitalik Buterin tends to sell meme coins he receives in exchange for ETH. However, this time there is a notable difference in their actions.
Ethereum Foundation and Vitalik Buterin Transfers Over 15K ETH
On Friday, Ethereum creator Vitalik Buterin’s address known as vitalik.eth sent 200 ETH to the crypto exchange Kraken, according to information from PeckShieldAlert. This is not the first instance of the address transferring ETH to the same Kraken wallet, as Etherscan data reveals five similar transactions to Kraken within the past two months.
On Saturday, May 6, Ethereum Foundation made a similar move by transferring 15,000 ETH to Kraken, as reported by PeckShieldAlert. This substantial transaction by Ethereum Foundation sparked fear, uncertainty, and doubt (FUD) within the crypto community, with concerns arising about a potential crash in the price of Ethereum and meme coins.
Based on past records, a significant Ethereum transfer by the Ethereum Foundation has previously resulted in a substantial decline in ETH prices. On November 12, 2021, when 20,000 ETH was moved to Kraken, the Ethereum Foundation sold them at a price close to the all-time high (ATH) of $4,722. Over the following two months, the price of ETH experienced a 40% drop.
In the past, Vitalik Buterin has sold various meme coins, and unfortunately, many of these coins have experienced significant drops in value. Similarly, during a previous instance, the value of these “shitcoins” decreased substantially after his substantial selling. For example, in March, Vitalik sold 50 billion MOPS for 1.25 ETH, 10 billion CULT for 58 ETH, and 500 trillion SHIK for 380 ETH. Additionally, he sold 3.4 million BITE for 5.9 ETH and transferred 214 ETH, which was valued at $337,000, to the Ethereum Foundation.
In the past 24 hours, the price of ETH has increased by 3% and is currently trading at $1,964. During this period, the lowest price recorded was $1,894, while the highest price reached $2,017. Moreover, the trading volume has seen a modest rise of 52% in the last 24 hours, suggesting that traders are showing interest in ETH.
