Vitalik Buterin, the creator of Ethereum (ETH), has recently dived into selling meme tokens, disposing of four different meme tokens for a total of 24.5 ETH coins, valued at $81.8K.
His dealings included selling 330 billion $LEDOG for 10.96 ETH, 3.03 trillion $DOGC for 10.8 ETH, 19.95 million $99 for 1.58 ETH, and 300 million $VITALIK for 1.14 ETH, as detailed by SpotOnChain.
Following the sale of these meme tokens, he generously contributed 320 ETH tokens worth $1.07 million to Coin Center.
Implications for ETH’s Future
Typically, a donation to an organization like Coin Center may have varied impacts on the ETH price trajectory. Firstly, if the donation is liquidated for operational funding, it may exert selling pressure on the market, particularly if the amount is substantial relative to the trading volume.
However, a contribution from a prominent figure like Buterin could bring Ethereum into the spotlight, potentially generating favorable publicity and sparking a temporary surge in interest and trading activities.
As a result, the donation did not adversely affect ETH’s price trends, and Ethereum has maintained a bullish stance. Consequently, the market absorbed the donation, contributing to the current bullish sentiment surrounding ETH.
CryptoCrypto noted this positive market sentiment through the behavior of significant holders. According to IntoTheBlock, the netflow of whales remained positive during this period.
This indicates that more funds are flowing into ETH than out of it. When major holders are increasing their holdings, it suggests accumulation as they anticipate price hikes.
Moreover, Ethereum’s Open Interest (OI) has surged in the recent week, reaching an all-time high. Coinglass data reveals that the OI peaked at $21.22 billion and settled at $20.8 billion at the time of writing.
An increase in open interest implies that investors are both opening new positions and maintaining existing ones.
What Lies Ahead for the Altcoin?
As evident from the above analysis, Buterin’s donation to Coin Center has not negatively impacted ETH’s price trends. On the contrary, Ethereum investors remain optimistic as they strive to regain control of the market.
Currently, Ethereum is trading at $3416, reflecting a 1.09% increase over the past day. Additionally, the altcoin has witnessed gains on both weekly and monthly charts, climbing by 8.88% and 35.97%, respectively.
This sustained upward trend positions Ethereum for further growth. If the bulls maintain dominance and positive sentiment prevails, ETH is likely to target $3560, a level where it has encountered resistance on multiple occasions.