Is Vitalik Buterin On A Selling Spree? Moves Millions In This Altcoin

Ethereum co-founder Vitalik Buterin has once again sparked speculations with his recent massive token transfers. In the latest transaction, the Ethereum co-founder has moved millions in STRK tokens to a new wallet, fueling discussions over a potential selloff. His recent activity, including transferring significant amounts of ETH to a multisig wallet, has raised questions among investors about his motives in an already volatile market.

Vitalik Buterin Spark Selloff Fears With STRK Transfers

Vitalik Buterin recently moved 2.1 million Starknet tokens, valued at around $858.7K, to a new wallet, Arkham Intelligence showed. This comes a day after he unlocked 1.268 million of STRK tokens, worth $470K, from the Starknet Locked Token Grant contract.

Buterin, a seed investor in Starknet, has received 2.1 million of the tokens across two STRK unlocks, which he has recently moved to the new wallet. This move has sparked fresh concerns of a potential selloff with these massive transfers among investors.

Meanwhile, similar activities have been witnessed by the Ether co-founder recently, moving large sums in tokens recently. For context, the Ethereum co-founder transferred 800 ETH to a multisig wallet last week. This follows an earlier transaction of 3,000 ETH on August 9.

These movements have weighed on the investors’ sentiment, especially amid the ongoing volatile scenario in the market. The market participants are seeking clarity behind the potential reasons for these large-scale shifts.

However, Buterin has publicly commented on his ETH transactions. He claimed that these ETH sales were conducted for supporting projects within the Ether ecosystem and broader charitable causes like biomedical research and others. Despite that, these movements, even if not directly linked to selloffs, continue to impact the market sentiment sparking speculations among traders.

STRK Price Remains Stable

Despite the recent massive transfer by Vitalik Buterin, STRK price was up over 4% to $0.4003, with its trading volume soaring 32% to $100.32 million. Notably, the crypto has touched a high of $0.4174 and a low of $0.3813 in the last 24 hours. Besides, CoinGlass data showed that the Starknet Futures Open Interest soared 12% to $59.59 million, indicating investors’ interest in the crypto.

Simultaneously, it’s also worth noting that despite the recent massive ETH transfers by the Ethereum co-founder, he still holds a significant amount of the crypto. His remaining balance of the altcoin stands at 240.07K ETH, valued at around $571.98 million at the current market price.

Meanwhile, the ETH price was down nearly 3% today to $2,370. Over the last 30 days, the crypto has touched a high of $2,820 and a low of $2,312, reflecting the highly volatile scenario of the crypto. However, a recent Ethereum price analysis showed that the crypto could hit $4,500 as Monochrome Asset Management filed to launch an Ether ETF in Australia.

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Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.