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Ether's Decline Follows Ethereum Foundation's $2.7M ETH Swap on Uniswap

Oct 10, 2023 at 09:11 am

In a recent market development, the price of Ether experienced a minor decline of approximately 1.5%. This movement appears to be a reaction to a wallet associated with the Ethereum Foundation, which executed a swap involving a portion of its allocated tokens.

The wallet address "0x9eE457023bB3De16D51A003a247BaEaD7fce313D" conducted a transaction involving over 1,700 ETH, resulting in an equivalent of $2.7 million in USDC on Monday, according to data from Arkham. This wallet is labeled as a "Grant Provider" on the blockchain explorer Etherscan and held tokens valued at nearly $400,000 as of Monday morning.

As of the time of writing, the Ethereum Foundation has not publicly disclosed its specific intentions for the proceeds generated from this transaction. Nonetheless, traders responded to the move, leading to a further decline in ETH prices by 1.8% over the past 24 hours, contributing to a broader decline in major tokens.

It's important to note that the Ethereum Foundation is responsible for developing applications and programs for the Ethereum network. While it does not possess official status as a centralized entity governing the blockchain, it wields significant influence and can impact token prices as well as influence investor and developer sentiment towards Ethereum.

As of April 2022, the foundation held assets totaling over $1.29 billion in Ether (ETH), accounting for approximately 0.297% of the total ether supply at that time. Additionally, it had approximately $300 million invested in non-crypto assets.

Read more: Market Response: Hamas Attack on Israel Causes 2% Drop in Crypto Prices

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