Ethereum-Linked to Vitalik Buterin Move, is a Selloff Incoming?

Ethereum (ETH), the second-largest cryptocurrency by market capitalization has been the subject of much discussion lately due to its ongoing link to its creator, Vitalik Buterin. Buterin has been an important figure in the blockchain world since he co-founded ETH in 2014, and his influence over the direction of the project can not be understated. As such, any news related to Buterin and Ethereum tends to cause a stir among investors and traders alike.

According to a May 10 tweet by Lookonchain, “0xD04d” a wallet address linked to Vitalik Buterin transferred 3,500 ETH worth about $6.56 million to another address “0x9e92” in its last tranche of transfer to the wallet address.

Additionally, the information also reveals that the Buterin-linked wallet has since December 2022 made a total transfer of 17,800 ETH amounting to about $33 million.

Is a sell-off incoming?

Recently, there have been rumors circulating that Buterin is planning to sell a significant portion of his ETH holdings, which could have a major impact on the market. For one, it is not clear whether Buterin is actually planning to sell any of his Ethereum holdings. 

While there have been rumors to this effect, there has been no official confirmation from Buterin or the Ethereum Foundation. Likewise, even if the founder was to sell some of its ETH, it is not clear how much of an impact it would have on the market.

Recall that a few days ago, Ethereum Foundation and Buterin moved over 15k ETH to Kraken. This move raised FUD in the crypto community with many thinking that an ETH price and meme coins crash could be coming.

Ethereum co-founder Dumps Memecoins

Earlier in March Vitalik sold most of the shitcoins in his wallet prompting the coins including MOPS, CULT, and SHIK amongst others to get rekt. Vitalik’s action was criticized by crypto Twitter as the community argued that the selloff impacted the low-value projects and the investors who owned them

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

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.