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Ethereum ICO Whale Sells 3,690 ETH, Funds Flow into Meme Coin Presale Wall Street Pepe
The Ethereum charity fund Endaoment recently made headlines again. Reportedly, the fund sold 3,690 ETH in just nine hours, with a total transaction amount reaching $12.47 million. This is the first large-scale sale by Endaoment in ten months and also the largest transaction in its history. Notably, this batch of ETH came from an Ethereum ICO whale. This whale acquired 100,000 ETH since the Ethereum genesis block in 2015 and still holds over 85,000 ETH, currently valued at approximately $294.5 million.
The market interprets this whale behavior in various ways. In addition to possibly being a charitable act, some believe it is a tax-saving tactic, similar to how Tesla CEO Elon Musk donated stocks to reduce tax burdens. Regardless of the motive, this cash-out has brought a surge of liquidity to the cryptocurrency market. Recently, the ETH price has been steadily rising, with an increase of 5.9% since the beginning of the year, currently nearing the key resistance level of $3,500.
The market interprets this whale behavior in various ways. In addition to possibly being a charitable act, some believe it is a tax-saving tactic, similar to how Tesla CEO Elon Musk donated stocks to reduce tax burdens. Regardless of the motive, this cash-out has brought a surge of liquidity to the cryptocurrency market. Recently, the ETH price has been steadily rising, with an increase of 5.9% since the beginning of the year, currently nearing the key resistance level of $3,500.
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