- Vitalik Buterin donated 320 ETH tokens worth $1.07 million.
- ETH surged by 1.09% over the past 24 hours.
As a researcher with extensive experience in the crypto market, I find myself intrigued by Vitalik Buterin’s recent financial maneuvers. On one hand, he’s offloading memecoins, and on the other, making significant donations to key organizations like Coin Center.
Recently, Vitalik Buterin, the creator of Ethereum (ETH), has shifted his focus to trading meme-based cryptocurrencies. He sold off four different memecoins, accumulating a total of 24.5 ETH tokens, which are currently worth approximately $81,800.
According to SpotOnChain’s report, transactions were made in the following manner:
Following the sale of his four meme-based cryptocurrencies, he generously contributed 320 Ether tokens valued at approximately $1.07 million to the nonprofit organization, Coin Center.
What does it mean for ETH?
Typically, contributing to Coin Center might influence Ethereum (ETH) price trends in various ways. Initially, if the donation is sold to finance operational expenses, it may exert a certain amount of downward pressure on the market, especially when the sale amount is substantial compared to daily trading volumes.
Conversely, contributions from well-known figures like Buterin might attract more attention towards Ethereum. Such attention could foster favorable publicity, leading to an increase in curiosity and trading actions for a brief period.
Consequently, the donation hasn’t negatively impacted Ethereum’s price trends. In fact, it has maintained its bullish momentum. This implies that if the donated Ether was sold, it seems to have been absorbed by the market. At present, Ethereum is experiencing a positive trend in the market.
Based on AMBCrypto’s analysis, a bullish sentiment was detected by examining the market actions of significant investors. As reported by IntoTheBlock, these major investors maintained a net inflow during this timeframe.
This indicates that more money is coming into Ethereum (ETH) than leaving it. When significant investors are buying more, it suggests they’re amassing the asset, predicting that its value will rise.
Furthermore, the Open Interest (OI) on Ethereum has significantly increased during the last week, reaching an all-time high (ATH). According to data from Coinglass, the OI peaked at a record $21.22 billion and currently stands at approximately $20.8 billion as we speak.
An increase in open interest indicates that investors are creating new investment positions and choosing to keep their current ones active.
What next for the altcoin?
From what’s been seen so far, Vitalik Buterin’s contribution to Coin Center hasn’t seemed to negatively affect Ethereum price trends yet. Interestingly, Ethereum enthusiasts continue to hold a positive outlook as they try to reassert control in the market.
Currently, Ethereum is being traded at $3416 at this moment in time, which represents a 1.09% rise compared to the previous day. Notably, it has also seen growth on both weekly and monthly charts, climbing by 8.88% and 35.97% respectively.
Read Ethereum’s [ETH] Price Prediction 2024–2025
Maintaining this continuous increase sets up the altcoin for further growth. If the bulls manage to retake charge while optimism persists, Ethereum could make an effort towards reaching $3560, a level that it has previously encountered several refusals.
Read More
- GBP EUR PREDICTION
- SEI PREDICTION. SEI cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- CNY RUB PREDICTION
- TRB PREDICTION. TRB cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- HOOK PREDICTION. HOOK cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- USD CHF PREDICTION
2024-11-28 02:15