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Amidst the Market Decline, an Altcoin Foundation May Have Sold Off a Substantial Number of Coins
In the midst of yesterday’s abrupt market downturn, it appears that an altcoin foundation may have executed a significant amount of coin sales.
Writer:
Mete Demiralp
08.06.2024 – 10:33
Update:
6 seconds ago
0
As the broader cryptocurrency market experienced a notable decline yesterday, the transactions conducted by the developer foundation associated with an altcoin have sparked conversation.
Based on onchain data, as the price of Ethereum began to plummet last night, a total of 15,254 ETH coins valued at $56.1 million were reportedly transferred from a cryptocurrency wallet linked to the Ethereum Foundation to the prominent exchange Kraken.
This transfer amount appears substantial, especially for an altcoin like Ethereum with a considerable market cap.
Notably, the ETH tokens moved from the wallet in question were originally sent by the Ethereum Foundation, and an additional wallet that received 200 thousand ETH during Ethereum’s initial coin offering (ICO) also transferred ETH to the same address.
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The market dip observed last night followed a sudden gold price decline, triggered by China’s decision to halt its gold purchasing streak that had lasted for months. Additionally, the live broadcast of trader RoaringKitty to an audience of around 500 thousand people contributed to the substantial drop experienced by meme coins.
Following the decline that saw Bitcoin’s price dip below $69,000, BTC currently appears to be holding steady around $69,000. In the event of a potential rise back to $71,000 prior to the decline, a short position of approximately $1.3 million is poised to be liquidated from the market.
*Please note that this does not constitute investment advice.
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