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- Ethereum developer Vitalik Buterin transferred 200 ETH to Kraken.
- There have been 5 other transactions similar to Kraken in the past two months.
On Friday, the Ethereum Foundation transferred 15,000 ETH to a cryptocurrency exchange, just a day after Ethereum developer Vitalik Buterin sent 200 ETH. To manage operational expenses, the Ethereum Foundation occasionally liquidates some Ether (ETH), while Vitalik Buterin frequently trades meme coins that accumulate in his wallet for Ether. However, this instance is distinct.
PeckShieldAlert reported that on Friday, 200 ETH were transferred from the address vitalik.eth, linked to Vitalik Buterin, to the cryptocurrency exchange Kraken. This is not the first occasion this address has sent ETH to the same Kraken wallet, as evidenced by transactions visible on Etherscan.
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Will Ethereum Price Decline?
There have been 5 other transactions similar to Kraken in the last two months. PeckShieldAlert indicated on Saturday, May 6, that the Ethereum Foundation had also sent 15,000 ETH to Kraken. Additionally, numerous cryptocurrency investors expressed concerns that the value of Ethereum (ETH) and other “meme coins” might soon decrease following the Ethereum Foundation’s substantial transaction.
Historical market data suggests that the Ethereum Foundation’s significant ETH transfer led to a sharp price decline for ETH. On November 12th, 2021, the last transfer of 20,000 ETH was executed to Kraken. In the two months following the Ethereum Foundation’s payout at $4,722, near its all-time high, the price of ETH fell by 40 percent.
Meanwhile, Vitalik Buterin has profited significantly from meme currencies. Similar to how shitcoins lost much of their value when Vitalik Buterin offloaded large quantities of them previously, the coins he sold primarily suffered substantial losses.
