The Ethereum Foundation, which backs the Ethereum network, has sold more ETH coins. Lookonchain, a service that watches blockchain activity, shared this news on Twitter. The foundation sold 100 ETH for about 241,000 DAI, a type of stablecoin. This move shocked many ETH holders and sparked concerns in the community.
The foundation has sold ETH lately before. Since the start of the year, they’ve sold 2,616 ETH for 7.64 million DAI. On average, they got $2,922 for each ETH. They sent these coins to a decentralized exchange, where people could trade directly without an intermediary.
Many Ethereum fans are questioning these frequent sales and criticizing Vitalik Buterin, who helped create Ethereum. One user tweeted, “I thought Ethereum said the last sale was for the whole year, but they keep selling again.” Another wrote, “Wouldn’t you sell now if you knew ETH would soon be under $2,000?”
Ethereum price continues to face downward pressure
The price of ETH needs improvement. Right now, it’s at $2,367.10, down a bit from yesterday. The amount of ETH traded has also dropped by 15.55% to $13.7 billion. The price won’t go up anytime soon, given how things look.
Source: CoinMarketCap
These sales are causing a stir in the crypto world. People are worried about what they mean for Ethereum’s future. Some think the foundation might know something terrible is coming. Others wonder if they’re trying to raise money for projects.
The crypto market is already struggling, and such moves are worsening the situation. Investors feel unsure and scared and are watching closely to see what the Ethereum Foundation does next.
Only time will tell how these sales will affect Ethereum in the long run. They’re adding to the uncertainty in an already shaky market for now. ETH holders and crypto fans alike are keeping a close eye on what happens next.
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