The post Ethereum Foundation Moves $9.16M in TKO Tokens to Bitcoin Suisse, Is Taiko the Next Big Thing? appeared first on Coinpedia Fintech News
Taiko (TAIKO) is a rapidly emerging cryptocurrency that has caught the eye of many investors. Ethereum Foundation has transferred its entire stash of TKO tokens to Bitcoin Suisse, a top-tier crypto service provider.
This transaction, valued at approximately $9.16 million, involves 3.484 million TKO tokens and follows a series of recent developments with the Taiko project. While many are wondering about the exact reason behind such a transfer.
Details of the Transfer
According to blockchain monitoring service Arkham Intelligence, the transfer was executed from the Ethereum Foundation’s wallet address to Bitcoin Suisse’s hot wallet with almost 3.484 million TKO tokens, valued at approximately $9.16 million.
Meanwhile, this follows the Foundation’s receipt of these tokens from the Taiko mainnet on June 28.
After receiving the tokens, they were cross-chained to the Ethereum mainnet before today’s transfer. Perhaps, the timing of the transfer coincides with some volatility in the Taiko (TAIKO) token market.
As of now, TAIKO is trading at $2.55, showing a 3.3% decrease over the past 24 hours. With 63 million TAIKO tokens in circulation, the project’s market capitalization stands at about $162.3 million.
Vitalik Buterin’s Support for Taiko
Notably, Ethereum co-founder Vitalik Buterin had earlier praised Taiko’s launch, highlighting its potential impact on the Ethereum ecosystem. In a message on Taiko’s first genesis block, Buterin stated that Taiko was a promising “based rollup” and emphasized the importance of diverse Layer 2 solutions for Ethereum’s growth.
$TAIKO one of the biggest projects to launch this year finally started trading As an early investor and with Vitalik backing it I am excited to see where this goesLooking to add more to my position on a pull back pic.twitter.com/cizv0SHeN3
— Johnny (@CryptoGodJohn) June 7, 2024
Adding to the excitement, Bithumb started trading TAIKO against the Korean won on July 9. This move has sparked more interest and trading activity among investors, bringing extra attention to Ethereum Layer 2 solutions.
Even with some recent price changes, Taiko’s growing visibility, supported by Buterin’s praise, strengthens its role in improving Ethereum’s scalability.
What Next For Taiko Price?
Taiko (TAIKO) has made a strong debut, currently trading at $2.91. Since its ICO on June 6, 2024, the token has seen a significant rise of 19.95%. Looking ahead, forecasts suggest that Taiko could reach a minimum trading value of $5.63, with potential highs of up to $8.41.
