Ethereum Foundation and Vitalik Buterin Move 15K ETH; Is An ETH Crash Ahead?

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.

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 jumped 3% in the last 24 hours, with the price currently trading at $1,964. The 24-hour low and high are $1,894 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: NYAG Introduces Legislation to Protect Crypto Fraud Victims

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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