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.
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.
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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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