Kaal Dhairya, a notable Shiba Inu developer, has responded to the ongoing trend of FUD directed at Ethereum founder Vitalik Buterin, expressing admiration.
Dhairya noted that whenever he sees Buterin facing FUD narratives, the concerns and challenges he battles with Shiba Inu become insignificant in comparison.
He expressed this perspective as Buterin clarified repeated queries from community members regarding concerns about him and the Ethereum Foundation continuously selling ETH tokens on the open market.
Vitalik Buterin and Ethereum Foundation Sales of ETH
On October 15, the Ethereum Foundation sold 100 ETH tokens worth $258,000, which aligns with a consistent trend of offloading ETH tokens in recent months.
Specifically, seven days before the October 15 transaction, the foundation dispatched 1,250 tokens worth $3.03 million to Bitstamp. On-chain analyst Lookonchain observed that the Ethereum Foundation has liquidated 3,966 ETH tokens worth over $11 million so far this year.
These consistent sales transactions raise eyebrows among market participants, especially since they often occur when ETH is on a bull run. For instance, their cumulative sales average $2,765, whereas Ethereum is currently trading at $2,470.
Meanwhile, Vitalik Buterin has also been caught in this trend. On September 19, a wallet associated with him offloaded 1,300 ETH worth over $3.17 million.
Market participants believe these Buterin and Ethereum Foundation sales contribute to ETH’s underperformance. As a result, community members have continuously called Buterin to “stop selling ETH” in response to most of his tweets.
Buterin chose to combat this trend today. In reply to one of the latest calls, the Ethereum founder noted that he has not sold ETH. In fact, his ETH holdings have even increased over the past month.
I haven’t sold a single ETH in the past month? The amount of ETH I hold has actually gone up
— vitalik.eth (@VitalikButerin) October 25, 2024
Why the Ethereum Foundation Continues to Sell ETH
Regarding the Ethereum Foundation’s sales, Buterin explained that these periodic transactions are essential for funding researchers and developers responsible for key advancements. Their efforts include preventing a loss of 5 million ETH annually to proof-of-work and maintaining low transaction fees.
Moreover, the foundation is also advancing technologies like zk-tech for private transactions and account abstraction. This allows users to interact with ETH safely without relying on seed phrases or centralized points of failure.
Thanks to innovations like EIP-1559, transactions are processed in under 30 seconds instead of taking 1 to 30 minutes. Amid this, Buterin urges community members to “show some respect” for the Foundation’s effort.
Shiba Inu Developer Admires Buterin, Ethereum
In light of Buterin’s clarifications, Shiba Inu developer Kaal Dhairya reflected on the significant challenges Buterin faces, noting how they overshadow his own struggles with criticism around Shiba Inu.
Dhairya expressed hope that people recognize the vital role Buterin’s vision and the contributions of the Ethereum Foundation’s developers have played in shaping the crypto industry. He concluded by stating that he remains continually inspired by their dedication.
“I’m always inspired by their dedication,” he said.
When I see @VitalikButerin facing the FUD, my own challenges / fud feel insignificant. I hope people understand that without his vision and the contributions of the Ethereum Foundation developers, this industry wouldn’t exist as it does today. Always inspired by their dedication. https://t.co/7cgOggLgI5
— Kaal (@kaaldhairya) October 26, 2024
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