Sign Up on MEXC
Highlights
- The Ethereum Foundation moved 3.484 million TKO tokens, valued at $9.16 million, to Bitcoin Suisse.
- This move follows the successful launch of Taiko's mainnet, with the tokens cross-chained to Ethereum before the transfer.
- Taiko (TAIKO) tokens have seen a price decline amid recent market activity.
Ethereum Foundation has made a significant transfer of its entire TKO token holdings to Bitcoin Suisse, a prominent institutional crypto service platform. This unexpected development, involving tokens worth millions of dollars, comes on the heels of the successful launch of Taiko’s mainnet, a Layer 2 scaling solution for Ethereum.
Ethereum Foundation’s Taiko Token Transfer
In a significant move, the Ethereum Foundation has transferred its entire holdings of TKO tokens to Bitcoin Suisse, a leading institutional-grade crypto service platform. According to Arkham Intelligence, a blockchain monitoring service, the transfer occurred at 16:25 UTC+8 today.
The transaction involved 3.484 million TKO tokens, valued at approximately $9.16 million. The tokens were moved from the Ethereum Foundation’s wallet address: 0x97…dE4B to Bitcoin Suisse’s hot wallet.
This transfer comes just weeks after the Ethereum Foundation received these tokens from the Taiko mainnet on June 28. Following their receipt, the tokens were cross-chained to the Ethereum mainnet before today’s transfer. Notably, Ethereum co-founder Vitalik Buterin had earlier left an encouraging message on Taiko’s first genesis block, marking a significant milestone for the project.
In his message, Vitalik Buterin expressed enthusiasm for Taiko’s launch as a “based rollup” and its potential impact on the Ethereum ecosystem. He stated, “Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction.”
Also Read: Coinbase Phishing Scammer Faces Jail Term In UK
Market Impact and Recent Developments
The transfer coincides with some market fluctuations for Taiko (TAIKO) tokens. As of the report, TAIKO’s price stands at $2.57, with a 24-hour trading volume of $22.3 million. This represents a slight decline of 1.53% over the past day and a more significant drop of 7.96% over the week. With a circulating supply of 63 million TAIKO, the project’s market capitalization is approximately $162.3 million.
Adding to the recent developments, Bithumb launched TAIKO trading in the Korean won market on July 9. This move generated considerable interest and trading activity among investors, highlighting the growing attention on Ethereum Layer 2 solutions. The launch on Bithumb, coupled with Vitalik Buterin’s backing, has positioned Taiko as a notable player in the Ethereum scaling landscape, despite recent price fluctuations.
Also Read: Ex-SEC Reveals New SEC Leadership Impact On Ripple Case, Crypto Lawsuits
- Breaking: U.S. PPI Cools To 2.6%, BTC Price Rises
- Traders Brace for Hot US PPI amid Sticky Inflation, Risks BTC, ETH, XRP Liquidations
- Shiba Inu Releases Update On LEASH V2 Migration, Here Is What To Know
- GameStop’s Revenue Boosted by $528M Bitcoin Stash, Reports Minimal Q2 Loss
- Metaplanet Stock Shoots 17% After $30M Investment from Bitcoin Treasury Firm
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
- Meme Coin Price Prediction: Shiba Inu, Pepe Coin, Dogecoin, TRUMP
- HYPE Price Eye $88 the Next as Lion Group’s Treasury Shifts to Hyperliquid
- XRP Price Prediction as Ripple Ecosystem Growth Meets Technical Strength—Is $10 Next?
