Following the sales of sizeable holdings by both Vitalik Buterin and the Ethereum Foundation, Ethereum whales are displaying indications of concern. Following the Ethereum Foundation’s recent dumping of 15,000 ETH ($29.7 million) to Kraken, two large Ethereum whales just dumped a combined amount of 19,090 ETH, valued at around $35.7 million, on Uniswap. The Ethereum community has been shocked by these massive sales, which are also worrying investors.
When the first whale, known as 0x6071, traded 9,950 ETH for 18.63 million DAI at a price of $1,873 per ETH, panic broke out. A second whale, 0x7641, quickly followed suit and traded 9,140 ETH at a price of $1,867 per ETH for 17,07 million DAI. Concerns among Ethereum owners have been sparked by these enormous transactions, which have also led to an increase in selling activity outside of the whale group.
The price of Ethereum was significantly impacted by the increasing selling pressure, falling from $1,900 to $1,850 in a matter of hours after a spike in selling activity. As a result, Ether is currently stabilising at the 50-day moving average, which has caused investors to speculate.
The recent activities of Vitalik Buterin and the Ethereum Foundation have sparked debate over the cryptocurrency’s future and the effects of such extensive market selling. According to some observers, the recent increase of meme assets on the cryptocurrency market may have prompted the transactions.
In any event, the panic among Ethereum whales has brought to light the market’s susceptibility to the decisions of powerful people and institutions. It is not the first time that the foundation’s efforts have caused changes in the market. The industry went into a protracted bear market the last time the foundation sold its interests, and it hasn’t come out of it yet.
