Recently, there have been speculations about the involvement of Vitalik Buterin, the co-founder of Ethereum, in token sales, and he has given a clear stand on the same.
In his recent statement, Buterin explained that he has not sold any layer-2 tokens or other Project Tokens he owns. The 30-year-old Canadian programmer also elaborated that he has no intent of investing in layer-2 projects or any other crypto-related projects.
BTW the above also applies to L2 tokens or other project tokens I hold (incl not-yet-liquid): all proceeds will be donated, again either to support public goods within the ethereum ecosystem or broader charity (eg. biomedical R&D).I also do not intend to invest into L2s or…
— vitalik.eth (@VitalikButerin) September 5, 2024
Buterin remained staunch in his position that he has not sold any of his Ethereum tokens since 2018 last week. The much-acclaimed token sales were actually contributions to various projects that the creator of Ethereum, Buterin, believes in.
These contributions were not only in cryptocurrency but also in other fields like biomedical research and technology. However, this shows that Buterin is not only interested in digital currency but also has other philanthropic interests.
This clarification is critical for Ethereum, as the cryptocurrency market closely watches ETH’s ability to hold the $2,350 level.
Financial Contributions and Ethical Considerations
Ethereum’s creator has been quite vocal about wanting to focus on the projects he holds dear. From his input, the following can be observed: he is only interested in projects close to his heart, especially technology and research projects. He has also stated that he doesn’t want to purchase specific cryptos as he doesn’t wish to be invested in some projects.
In his statement, Buterin stated that he doesn’t buy particular tokens because he doesn’t want to favor some projects over others. This is especially the case if one considers the fact that such CEOs’ behavior can have a significant impact on the market.
Current Market Performance of Ethereum
At the time of writing this article, Ethereum (ETH) is at $2,350.53, with a 24-hour trading volume of $14,113,301,196. The cryptocurrency has experienced a 2.47% decline in value in the last 24 hours.
However, Ethereum is still the second largest cryptocurrency according to the status of the market capitalization, with a total value of $ 282,809,295,289. At the time of writing, 120,317,181 ETH were in circulation, and there was no fixed maximum supply of tokens.
Source: CoinMarketCap
The market has been fluctuating, with ETH prices ranging within a short span of one day. In the traffic of September 6th, there was a quite sharp and rapid drop of the price at 4:00 in the morning, and then its further rather slow attempt to grow higher, having reached the minimum price of $2,340.
Presently, Ethereum has been making lower tops and bottoms, which depict a bearish pattern that doesn’t seem to right itself in the coming weeks.
The rest also supports the same, as noticed by the MACD line, which is below the signal line, and the histogram bars are negative, a sign of a bearish trend in the market.
Source: TradingView
Further, the Relative Strength Index (RSI) stands at 35.85, which implies that Ethereum is still in the middle of bearish territory but, at the same time, close to the oversold zone.
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