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A Potential Dump of Coins by an Altcoin Foundation Amid Yesterday’s Market Downturn
In the midst of yesterday’s abrupt market decline, there are indications that an altcoin foundation may have offloaded a significant amount of coins.
Authored by:
Mete Demiralp
08.06.2024 – 10:33
Updated:
6 seconds ago
0
The recent plunge in the cryptocurrency market brought attention to the transactions carried out by the developer foundation of an altcoin.
Data from Onchain revealed that as the price of Ethereum started to plummet last night, a whopping 15,254 ETH coins valued at $56.1 million were transferred from a cryptocurrency wallet associated with the Ethereum Foundation to the prominent cryptocurrency exchange Kraken.
This transfer amount is notably large, especially for an altcoin with a substantial market capitalization like Ethereum.
Interestingly, the ETH tokens transferred from the wallet linked to the Ethereum Foundation were initially received during Ethereum’s ICO, with an additional 200 thousand ETH also being sent from another wallet to the same address in question.
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The market decline witnessed last night was triggered by the sudden drop in gold prices following China’s decision to halt its gold purchasing spree, coupled with a significant downturn in meme coins during a live stream by trader RoaringKitty to an audience of around 500 thousand viewers.
Following the market dip that saw Bitcoin’s price dip below $69,000, BTC is currently holding steady around $69,000. Should there be another surge up to $71,000 prior to the decline, a short position of approximately $1.3 million is poised to be liquidated from the market.
*This article does not constitute investment advice.
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