The Interchain Foundation continues to sell Ethereum collected from the ICO it held in 2017. It has earned $55.97 million from these sales so far. However, ATOM, the main token of the Cosmos ecosystem, is still performing poorly despite the sales and is currently trading at $6.5.
The Interchain Foundation, the developer behind the Cosmos ecosystem, continues to sell Ethereum (ETH) it acquired during the ICO process in 2017. According to on-chain data, it has sold another 3,000 ETH (approximately $10.16 million) in the last hour. It has sold a total of 21,600 ETH (approximately $55.97 million) of the Ethereum it acquired through the ICO in April 2017 since the end of April 2023. These sales took place at an average price of $2,591. Despite the sales, the Interchain Foundation has 383 BTC and 23,587 ETH left in its portfolio, and the total value of its current assets is calculated as approximately $95.48 million.
Despite this, Cosmos’ native token ATOM has failed to show the expected rise in recent market movements. At the end of 2022, while Bitcoin was around $ 16,000, ATOM was trading at $ 10. However, ATOM’s price has now dropped to around $ 6.5, which means a significant loss of value for investors.
ATOM has been one of the weakest performing major altcoins in the market in 2023. The Interchain Foundation’s liquidation of ICO funds has raised concerns among some investors about ATOM’s future. Investors are debating whether ATOM can recover from the Interchain Foundation’s sell-off. The fact that ATOM was left behind in Bitcoin’s recent rally has sparked a broader debate within the community.
Developments in the Cosmos ecosystem, especially the Interchain Foundation's Ethereum sales, are being watched closely. How ATOM will perform with this sales strategy continues to be a matter of great curiosity for investors and market experts.
