Ethereum Foundation, Vitalik Buterin Dumps 15K ETH; Will History Repeat?

After Ethereum creator Vitalik Buterin dumped 200 ETH on Friday, Ethereum Foundation followed suit and dumped 15,000 ETH to a crypto exchange.

Typically, Ethereum Foundation sells small amounts of ETH to manage operations and Vitalik Buterin usually dumps meme coins he received in his wallet for ETH. But this time it’s different.

Ethereum Foundation and Vitalik Buterin Transfers Over 15K ETH

On Friday, Vitalik Buterin related address vitalik.eth transferred 200 ETH to crypto exchange Kraken as per PeckShieldAlert. As per Etherscan data, this is not the first time the address transferred ETH to the same Kraken wallet. There are 5 similar transactions to Kraken in the last 2 months.

Ethereum Foundation followed suit and transferred 15k ETH to Kraken, as per the transaction reported by PeckShieldAlert on Saturday, May 6. The large transaction by Ethereum Foundation raised FUD in the crypto community, with many thinking that an ETH price and meme coins crash could be coming.

Also Read: Ethereum Gas Fees Hit Record Levels Amid PEPE Meme Coin Hype; Flips SHIB, DOGE

As per historical data, a large ETH move by the Ethereum Foundation led to a massive fall in ETH prices. The last time 20,000 ETH was transferred to Kraken on November 12, 2021. After the Ethereum Foundation cash out at $4,722, near ATH, the ETH price fell 40% in 2 months.

Meanwhile, Vitalik Buterin has sold several meme coins historically. The coins Vitalik Buterin sold mostly get rekt, similar to last time when shitcoins lost most value after he dumped massive amounts of shitcoins. In March, Vitalik sold 50 billion MOPS for 1.25 ETH, 10 billion CULT for 58 ETH, and 500 trillion SHIK for 380 ETH. In Addition, he sold 3.4M BITE for 5.9 ETH and transferred 214 ETH worth $337k to Ethereum Foundation.

ETH price fell 3% in the last 24 hours, with the price currently trading below $1800. The 24-hour low and high are $1,794 and $2,017, respectively. Furthermore, the trading volume has increased slightly by 52% in the last 24 hours, indicating an interest among traders.

Also Read: New York Introduces Landmark Crypto Regulatory Bill “CRPTO”

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.