The cryptocurrency market witnessed a major drop this week, as Ethereum (ETH) faced a substantial drop of over 9.6% since the week began, marking its lowest values since mid-February. With a current price of $2,950 per ETH, most of this drop occurred on Tuesday, culminating in a weekly low of $2,817.
The cryptocurrency market witnessed a major drop this week, as Ethereum (ETH) faced a substantial drop of over 9.6% since the week began, marking its lowest values since mid-February. With a current price of $2,950 per ETH, most of this drop occurred on Tuesday, culminating in a weekly low of $2,817.
Amid this turbulence, attention has been drawn to an alleged Ethereum Foundation address, “0xd7,” which reportedly sold 100 ETH for 291,267 DAI via the Cow Protocol today.
This transaction was followed by a transfer of the acquired DAI to another Ethereum Foundation address, “0x9e”. In particular, this suspicious Ethereum Foundation address has been constantly exchanging ETH for DAI via the Cow Protocol as of late.
How solid is that foundation?
The Ethereum Foundation is a non-profit organization dedicated to the advancement of Ethereum and related technologies. According to reports from Arkham, the Foundation’s known accounts currently hold 310,867 ETH, valued at $915.15 million.
Excluding select exchanges and projects, the foundation stands as one of the largest altcoin holders, with assets estimated at over $1 billion, encompassing WETH.E stakes worth $91.87 million, along with $329,239 DAI, some of whom arrived at the foundation’s addresses today.
The revelation that one of the foundation’s key holders dumped a portion of his ETH holdings has sparked speculation about its potential impact on Ethereum’s future trajectory. The implications of such actions on the price of the leading altcoin remain uncertain, leaving investors and enthusiasts with unanswered questions.
