An important development in the cryptocurrency world is happening on the Ethereum side today. Accordingly, the sale from the Ethereum Foundation attracts attention. Moreover, the sale has also affected the price of ETH.
Ethereum Foundation’s token sale impacts Ethereum ETH
There is a significant development for Ethereum, the second largest cryptocurrency by market value. Accordingly, it has experienced a small decrease of approximately 1.5% in price in the last few hours. This price movement emerged as a reaction to the ETH Foundation recently selling some of its allocated tokens.
Attention turned to ETH due to the ETH Foundation’s token sale. Today, a wallet with the address “0x9eE457023bB3De16D51A003a247BaEaD7fce313D” associated with the Ethereum Foundation conducted a token sale. According to Arkham data, the wallet exchanged more than 1,700 ETH for 2.7 million USDC. Notably, this wallet is tagged as “Grant Provider” on the blockchain tracker Etherscan. Accordingly, the foundation currently holds approximately $400,000 worth of tokens.
Market reaction and price drop of ETH
The ETH Foundation did not publicly disclose the specific purpose behind this token sale. On the other hand, the cryptocurrency market reacted to the incident. Ethereum (ETH) extended its losses by 1.8% in the last 24 hours, leading a small decline among major tokens.
This reaction highlights the influence the Ethereum Foundation has in the crypto space. Although it has no official control over the ETH network, the foundation’s actions and decisions attract attention. It can also significantly affect token prices and the general sentiment of investors and developers.
Ethereum Foundation holdings
As of April 2022, the Ethereum Foundation held a significant amount of ETH, valued at over $1.29 billion, representing approximately 0.297% of the total ETH supply at that time. Additionally, the foundation held approximately $300 million in non-crypto investments. Although it is not a central governing body, the Ethereum Foundation plays an important role in the development of applications and programs for the ETH network. This also makes their actions closely monitored and influential within the crypto community.
The last token sale has a special meaning when we look at it as cryptokoin.com. This reveals that price movements are influenced by actions taken by influential organizations such as the Ethereum Foundation. On the other hand, it also shows that the dynamic structure of the cryptocurrency world may be affected by similar events. When we look at the Etherem price while writing the article, we see that it has decreased by 1.9 percent. ETH is currently trading at $1,592. The figure has fallen below the $1,600 level, which is an important support level.
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