Ethereum Foundation Dumps More ETH Despite Vitalik’s Pause

The foundation has executed another sale, further fueling what is quickly becoming an ETH selling spree.

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  • The ongoing Ethereum Foundation’s sell-off shows no signs of stopping.
  • Another significant offload has contributed to the growing sum.
  • Ethereum co-founder Vitalik Buterin also recently dumped some of the native tokens.

Over the past few weeks, the Ethereum Foundation has raised industry eyebrows with frequent asset sell-offs. This has prompted questions and speculation about the motivation behind the dump, stirring uncertainty across the ecosystem.

Following a brief quiet period, recent actions suggest that the selling spree is far from over.

More ETH Sell-Off

The Ethereum Foundation has once again extended its ETH selling spree. On Monday, September 23, 2024, on-chain tracking platform Lookonchain spotlighted another 100 ETH sale, valued at approximately $27,000 at current prices. 

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The latest dump follows a 300 ETH sale only three days earlier, bringing the team’s total offloaded this year to a staggering 3,566 ETH, valued at approximately $9.9 million.

While this latest sale may seem minor, it adds to the already heightened concerns surrounding the foundationโ€™s frequent sales, also fueled by the token’s shaky price performance in recent weeks.

Meanwhile, the foundation is not alone in the ongoing trend.

Vitalik Buterin Offloads Ethereum

Mirroring the Ethereum Foundation’s frequent sell-offs, co-founder Vitalik Buterin also dumped a significant amount of the native token.

Over two weeks, Buterin offloaded approximately 950 ETH, worth about $2.27 million, with the latest sale occurring on September 11, 2024.

However, Buterin has addressed the concerns surrounding the dump, affirming that most of the funds have been targeted at donations. The Ethereum co-founder also added that the last sale marked his final transaction, emphasizing that there would be no more.

On the Flipside

  • The latest 100 ETH sell-off has not negatively impacted the tokenโ€™s price. Trading at $2,647 at press time, ETH is up approximately 3.3% in the last 24 hours.
  • A major Ethereum whale has also recently conducted a significant sell-off.

Why This Matters

The Ethereum Foundation’s latest transaction adds to its ongoing sell-off streak, raising further questions and uncertainty within the ecosystem. If this trend continues, it could foster negative sentiment, potentially exerting downward pressure on the tokenโ€™s price.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Grace Abidemi

Grace is a crypto reporter for DailyCoin, covering a diverse range of market updates. Grace has minor holdings in Bitcoin & Solana, and moderate holdings in Rune & XRP.

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