Ethereum Foundation Continues ETH Sell-Offs, ETH Price Drops to $2325
The ETH price has once again come under strong selling pressure Ethereum Foundation continues the dreaded ETH sell-offs. Earlier today, the Ethereum price dropped down to $2
The Ethereum Foundation has once again moved 1,000 ETH to a multisig wallet, as reported by the crypto tracking service Lookonchain. This latest transfer follows a day after the foundation swapped 100 ETH for DAI stablecoins.
The recent move by the Ethereum Foundation has put the ETH price under pressure, with the coin dropping down to $2,325 levels at the time of writing. The foundation’s continuous sell-offs have faced strong criticism from the community.
The Ethereum Foundation, which is a non-profit organization, is responsible for the development and maintenance of the Ethereum blockchain. The foundation has been selling its ETH holdings to fund its operations and support the growth of the Ethereum ecosystem.
In recent months, the foundation has sold large amounts of ETH, driving the coin’s price down from its all-time high of $4,800 in November 2021. The foundation’s sell-offs have also contributed to the broader sell-off in the crypto market, which has seen total market capitalization fall from $3 trillion to less than $1 trillion today.
The foundation’s heavy-handed approach to selling its ETH holdings has drawn criticism from some members of the Ethereum community, who argue that the foundation is selling too much ETH too quickly. They also point out that the foundation has not provided clear accounting for how it is spending the proceeds from these sales.
In response to these criticisms, the foundation has promised to be more transparent with its spending and to provide regular updates on its financial health. The foundation has also said that it will continue to sell ETH as needed to fund its operations and support the growth of the Ethereum ecosystem.
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