- Ethereum developer Vitalik Buterin sent 200 ETH to Kraken.
- There have been 5 other deals like Kraken in the last two months.
The Ethereum Foundation dumped 15,000 ETH to a cryptocurrency exchange on Friday, one day after Ethereum developer Vitalik Buterin dropped 200 ETH. To cover overhead costs, the Ethereum Foundation sometimes sells a few Ether (ETH), and Vitalik Buterin often trades in the meme coins that accumulate in his wallet for Ether. It’s different this time, however.
PeckShieldAlert reports that on Friday, 200 ETH were sent from the address vitalik.eth, which is associated with Vitalik Buterin, to the cryptocurrency exchange Kraken. This is not the first time this address has sent ETH to the same Kraken wallet, as shown by transactions seen on Etherscan.
Ethereum Price to Fall?
There have been 5 other deals like Kraken in the last two months. PeckShieldAlert noted on Saturday, May 6 that the Ethereum Foundation had similarly sent 15,000 ETH to Kraken. Moreover, many cryptocurrency investors worried that the price of Ethereum (ETH) and other “meme coins” would soon plummet after the Ethereum Foundation’s massive transaction.
According to market history, the Ethereum Foundation’s huge ETH transfer precipitated a precipitous price drop for ETH. On November 12th, 2021, the last transfer of 20,000 ETH was made to Kraken. In the two months after the Ethereum Foundation’s pay out at $4,722, close to ATH, the price of ETH dropped by 40 percent.
Meanwhile, Vitalik Buterin has made a killing off of meme currencies. In the same way that shitcoins lost much of their value when Vitalik Buterin dumped large numbers of them before, the coins he sold primarily got rekt.