Ethereum Foundation sells 100 ETH for DAI stable coin
The Ethereum Foundation, which overlooks the development of the Ethereum project, has sold some more ETH for DAI. The foundation sent more than 1000 ETH to a multi-signature wallet a few hours ago.
Then, 100 ETH from this wallet to sent to another address and swapped for DAI.
DAI is a stable coin issued by Maker Protocol with ETH as collateral. Vitalik or the Ethereum Foundation have not tweeted about the sudden selling of ETH for stable coins.
Since January 1st 2024, the Ethereum Foundation has sold 2616 ETH for a total of $7.64-million DAI stable coins at an average price of $2922. Their address is 0xd779332c5A52566Dada11A075a735b18DAa6c1f4.
Some Ethereum supporters say that while Ethereum Foundation is selling nothing when compared to other companies that have 1000 employees or more. They say the foundation is extremely efficient in managing the funds and achieving great results.
The #Ethereum Foundation sold 100 $ETH for 241K $DAI again 1 hour ago.
Since Jan 1, #Ethereum Foundation has sold 2,616 $ETH for 7.64M $DAI on DEX at an average price of $2,922.
Address:
0xd779332c5A52566Dada11A075a735b18DAa6c1f4 pic.twitter.com/tsqs4V39aQ— Lookonchain (@lookonchain) September 5, 2024
If the bear market actually starts and Bitcoin dips to sub-$50000, we expect more dumping by the foundation, which will plunge the Ethereum price to under $2000. Of course, if things turn around, there may be no more dumping.