⭐⭐Ethereum Foundation Continues to Influence the Market: Passes $12 Million ⭐⭐
The Ethereum Foundation sold 100 ETH for 374,334 DAI this morning, bringing its total sales for 2024 to 4,366 ETH.
According to data from on-chain analytics platform Spot On Chain, the total revenue from sales this year reached $12.21 million. The average price of the sales was recorded as $2,796.
It Can Cause Market Fluctuations
Today's sale coincided with a 4 percent drop in the price of Ethereum. The decline experienced in the market in general caused many crypto assets, including ETH, to lose value.
The sales carried out by the Ethereum Foundation are sometimes seen as an effective factor in market movements. These sales, which will continue throughout 2024, are considered part of the foundation's financing strategies. However, it is also stated that large-scale transactions can put pressure on the price, given the volatile nature of the cryptocurrency market.
The Ethereum Foundation generally uses the funds it obtains from these sales to develop the Ethereum ecosystem. However, investors carefully monitor the foundation's sales and evaluate their potential impact on the market.
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