Ethereum Co-founder Vitalik Buterin has sold some of the memecoin tokens that he had received for free, swapping them with Ethereum. The exchange comes at a time when the Ethereum price is up, making the deal worth $340,000, according to UnoCrypto calculations.
Ethereum at the press time is trading at $2,419.35, being up 1.4%, according to CoinMarketCap.
Vitalik has exchanged several Memecoins for 140.6 ETH, which included 100,000 USDT (donated by the CATE project); 70.71 million Neiro; 11.76 billion MOODENG; 7.8 million DEGEN; and 16.03 billion KABOSU.
Vitalik Buterin’s ETH Conquest Not New For Market
Vitalik Buterin has time and again bought and sold Ethereum, making markets wonder what his next move would be.
Previously, Buterin had moved almost $10 million worth of ETH into wallets connected to cryptocurrency exchanges.The move had created a lot of speculations, with many wondering the motive since the market was still unstable at that time.
More information from Arkham Intelligence shows that Buterin’s Ether address is part of a larger trend of outflows. About 422,000 ETH have been transferred to this address since 2015. As of September 1, 2024, that amount is worth $1.04 billion. Remarkably, in just the last two years, more than 840,000 ETH have been transferred out of the address.
Buterin’s Ethereum buy and sell usually coincides with the price of the coin as well. Today’s sale comes as Ethereum gained nearly 2% during the trading day.
In the coming month, the price of Ethereum is expected to have reached $2,587.60. However, technical indicators indicate that the market is now in a bearish mood, with the Fear & Greed Index for ETH reading 49 (Neutral).
Therefore it might be a little difficult to access if the Ethereum co-founder will undertake another buying or selling spree, but it is likely that he will hold on to the coin for now.