Vitalik Sells STRK Holdings at a Loss of $714k, Unloading 2.09 Mln Tokens Worth $799k

The tokens amounted to around $1.51 million at the time Buterin had received them. He sold it at a loss of around $714K.

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Nausheen Thusoo
Nausheen Thusoo
Nausheen has three years of devoted experience covering business and finance. She is aware of the constantly changing financial landscape, especially in the rapidly growing cryptocurrency space. Her ability to simplify difficult financial ideas into understandable stories and her analytical thinking make her articles valuable for both novice and experienced readers.She has written about a wide range of subjects, including investing methods, market trends, and regulatory changes pertaining to the cryptocurrency industry. She has worked with Reuter, Coingape and Bankless times. Nausheen blends a talent for narrative with meticulous research skills. She is also skilled at establishing connections with business leaders so they can offer unique perspectives and interviews that enhance their reporting

Ethereum co-founder Vitalik Buterin has deposited 2.09 million STRK token into a Binance account, according to Onchain Lens. These tokens were worth $799K and were received by Vitalik around five months ago.

However, the tokens amounted to around $1.51 million at the time Buterin had received them. The difference in the buying and selling price has made this transaction a loss of around $714K.

Interestingly, the token offloading is not the first that Buterin has undertaken.

Buterin’s Previous STRK Token Offloading

Previously, the Ethereum cofounder had started the two-round process of unlocking 2.1 million STRK tokens, which were worth about $858,700 at the time of the sale.

In May 2018, Vitalik made a seed round investment in StarkNet. The Ethereum layer-2 scaling solution Starknet was created to increase transaction efficiency and scalability. Buterin was one of the original investors at the time of its launch, and as part of his job, he probably got some STRK tokens. His largest holdings at present are Ethereum and Starknet.

Buterin Exchanges Token For Ethereum

Apart from the STRK token sale, Buterin has also undertaken multiple token exchanges, wherein he has sold a bunch of his holdings to buy Ethereum.

The most recent in this trend was when Buterin exchanged Ethereum for some of the memecoin tokens he had been given for free. Vitalik traded a number of memecoins for 140.6 ETH, including 70.71 million Neiro, 11.76 billion MOODENG, 7.8 million DEGEN, 16.03 billion KABOSU, and 100,000 USDT.

STRK Price: What’s Happing To The Token?

The price of the native currency of the Straknet network, STRK has been extremely volatile for the past one month. However, at the press time the token is trading at $0.3785, being up 9.57% as compared to the same time last day.

At present, STRK is showing bearish trading signals with the Fear & Greed Index at 69 (Greed). In the past 30 days, Starknet has experienced 13 out of 30 (43%) green days and 6.11% price volatility.

Considering the market indicators, the Starknet price prediction sentiment is generally bearish, with 11 technical analysis indicators indicating bullish signals and 15 indicating bearish signals.

Given that this bearish sentiment continues, Starknet’s 200-day SMA will decline over the course of the upcoming month, reaching $0.654611. The initial week of December might also witness Starknet’s short-term 50-day SMA reaching $0.605827.

An indicator that is widely used to determine whether a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum oscillator. The STRK market is currently in a neutral position, as indicated by the RSI value of 38.30.

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