Is ETH Headed for a Crash? Vitalik Buterin Moves 15K ETH
According to recent news, On Friday following, Vitalik Buterin, the developer of Ethereum, dumped 200 ETH. After following Vitalik Buterin, the Ethereum Foundation dropped 15,000 ETH to a cryptocurrency exchange. It seems ETH is Headed for a Crash.
Key Takeaways
- The Ethereum Foundation and its developer, Vitalik Buterin, shifted 15000 ETH to a cryptocurrency exchange.
- In the cryptocurrency world, the large transaction of the Ethereum Foundation increased FUD.
- After the cash out of the Ethereum Foundation at $4,722, the price of Ethereum falls.
- On the previous day, the Ethereum price increased by 3%.
- There has been a 52% rise in the trading volume of Ethereum in the last 24 hours.
To fund operations, the Ethereum Foundation frequently sells tiny quantities of ETH, and Vitalik Buterin frequently trades meme currencies he has in his wallet for ETH. However, this time is distinct.
ETH Headed for a Crash
According to PeckShieldAlert, a Vitalik Buterin-related account called Vitalik.eth sent 200 ETH to the cryptocurrency exchange Kraken on Friday.
This is not the address’s first time sending ETH to the same Kraken wallet, according to Etherscan statistics. In the previous two months, there have been 5 Kraken-like transactions.
PeckShieldAlert reported on the transaction on Saturday, 6 May. It highlighted that the Foundation of Ethereum sent 15k ETH to Kraken following suit. In the crypto world, Ethereum Foundation’s large transactions increased FUD.
This rise comes with the belief that meme coin currency and Ethereum price crash were imminent. The Ethereum Foundation’s huge ETH transaction resulted in a significant drop in the price of ETH, according to historical data.
On 12 November 2021, 20,000 ETH was sent to Kraken for the last time. In 2 months, the price of ETH dropped 40% after the cash out of the Ethereum Foundation at $4,722, near an all-time high.
Vitalik Buterin has historically traded a few meme currencies. Like the previous time when he dumped enormous numbers of shitcoins, Vitalik Buterin’s traded coins primarily lost value.
Moreover, Vitalik sold 500 trillion SHIK for 380 ETH, 10 billion CULT for 58 ETH, and 50 billion MOPS for 1.25 ETH in March. Additionally, he transferred 214 ETH worth $337k to the Ethereum Foundation and traded 3.4M BITE for 5.9 ETH.
In the previous 24 hours, the price of ETH increased by 3% and is now selling at $1964. The high and low over the past 24 hours are $2,017 and $1,894, respectively. A small 52% rise in trading volume over the last 24 hours suggests traders’ concerns.
Reactions of Crypto Titans to ETH Headed for a Crash
STCK.PRO took to Twitter and announced the breaking news that Vitalik Buterin and Ethereum Foundation dumped 15,000 ETH; furthermore, an ETH crash is on the way.
cryptowise.finance took to Twitter and made an announcement that there is going to be a price drop for Ethereum after its developer Vitalik Buterin and the Ethereum Foundation shifted over 15K ETH to Kraken.
mycrypto news took to Twitter and made an announcement that the Ethereum Foundation and the developer of Ethereum creator Vitalik Buterin shifted 15,000 ETH to Kraken.
Do You Know?
- Vitalik Buterin, the co-founder of Ethereum, donated 15,000 ETH (worth approximately $45 million at the time) to the India Covid Relief Fund, a charitable organization that provides support to those affected by Covid-19 in India.
- This is not the first time that Buterin has donated large sums of cryptocurrency to charitable causes. In 2018, he donated $1 billion worth of ETH to the Ethereum Foundation and other charitable organizations.
- The move of 15,000 ETH has sparked speculation that an ETH crash may be on the horizon, as large transactions by major holders of cryptocurrency can often have an impact on market prices.
- However, some analysts believe that the move is unlikely to have a significant impact on the market, as Buterin’s total holdings of ETH are estimated to be worth more than $1 billion, and the Ethereum Foundation holds an even larger amount of the cryptocurrency.
Crux:
In recent news, the Ethereum Foundation and its developer Vitalik Buterin shifted 15,000 Ethereum to the Kraken cryptocurrency exchange. Moreover, the large transaction of the Ethereum Foundation in the cryptocurrency world enhanced FUD. In the previous 24 hours, there was a 3% rise in the price and a 52% rise in the trading volume of Ethereum.