Vitalik Buterin Dumps DOG, Ethereum Foundation Shakes Market with ETH Moves – What’s Brewing?

Crypto markets reel as Ethereum co-founder Vitalik Buterin offloads DOG tokens while the Ethereum Foundation makes eyebrow-raising ETH transfers. Is this strategic repositioning or just another 'whale alert' moment?

Behind the sell-off: Buterin’s DOG dump sparks memecoin jitters. The man who helped invent smart contracts isn’t known for shitcoin sentimentality – when he exits, cockroaches scatter.

Foundation plays 4D chess? Ethereum Foundation’s ETH movements coincide with Buterin’s activity, fueling speculation about coordinated moves. Pro tip: when the house starts rearranging furniture, check the exits.

Market impact: DOG tanks 15% post-sale (because nothing gives memecoins existential dread like their creator losing faith). ETH holds steady – because fundamentals matter, at least until the next degen narrative takes over.

Closing thought: In crypto, 'transparency' means watching billionaires move assets in real-time while retail tries to decode tea leaves. The revolution will be tokenized – and front-run by insiders.

Ethereum co-founder Vitalik Buterin has dumped DOG tokens for Ethereum as ETH price held above $2,400 despite the massive options expiry, showing strength on Friday.

At the same time, the ethereum Foundation transferred another 1K ETH to a wallet, raising eyebrows in the crypto community due to the recent transfers.

Vitalik Buterin Dumps DOG Tokens

PeckShieldAlert, in an X post on June 27, reported that Vitalik Buterin has swapped 2 trillion DOG tokens to Ethereum. The meme coin was converted to 4.43 ETH, which was valued at nearly $10.8K.

Etherscan data confirmed that it was not the DOG token on Bitcoin Runes. However, Vitalik Buterin sold all ERC-20 DOG tokens and converted them to ETH. Buterin has many times dumped meme coins that he received from other wallets or new projects.

The wallet has nearly 401 different tokens, with WhiteRock (WHITE) as the largest holding worth $8.12 million, followed by 30 billion MOO DENG tokens worth $771,628.

Ethereum Foundation Moves 1K ETH Again

The Data Nerd reported that the Ethereum Foundation transferred another 1k ETH worth $2.45 million to wallet 0xc06.

Within a month, the Ethereum Foundation had transferred 9K ETH in total to the wallet 0xc06. This accounts for $22.67 million. According to Arkham data, the wallet interacted with Vitalik Buterin’s main wallet on May 13.

The reason behind ETH movements to this wallet remained unclear as the ETH were never sold in the last 2 months. This could be related to the internal functioning of Ethereum or support a project.

Notably, the Ethereum Foundation independently manages part of the ETH and regularly sells it to fund the Ethereum ecosystem and its operations.

Also, Vitalik Buterin and the Ethereum Foundation are backing Tornado Cash founder Roman Storm’s legal defense as his July trial approaches.

Why This Grabbed Attention?

ETH holders have historically criticized Vitalik Buterin and the Ethereum Foundation for selling the ETH worth millions. It has worked as a sell signal for investors and hindered the ETH price rally.

Notably, spot Ethereum ETFs also saw $26.4 million in net outflow on Thursday. With 27.4 million and $12.4 million outflow from Grayscale’s ETHE and ETH exchange-traded funds.

Meanwhile, BlackRock, Fidelity, and Bitwise ETFs recorded marginal inflows. This caused the crypto community to get attracted to the latest moves.

A buildup of negative sentiment could cause the ETH price to drop. 936K ETH options with a notional value of almost $2.3 billion are set to expire today, with a put-call ratio of 0.52.

Also, the max pain point was $2,200 at the time of writing. Sentiment has turned slightly bearish for Ethereum as evidenced by the put-call ratio of 1 in the last 24 hours.

Ethereum Price to Fall?

ETH price has traded in red in the past 24 hours, with the price trading at $2,445 at the time of writing. The 24-hour low and high were $2,386 and $2,463, respectively.

Furthermore, trading volume has decreased by 29% in the last 24 hours, indicating that traders have turned cautious.

In the daily timeframe, the price is below the 50-SMA and 200-SMA, but above 100-MA at the time of writing. Whereas, the Relative Strength Index (RSI) was at 48.31.

CoinGlass data showed selling in the derivatives market. At the time of writing, the total ETH futures open interest dropped more than 3% to $31.17 billion in the last 24 hours.

ETH futures OI on CME and Binance tumbled more than 4% and 2%, respectively. This signals bearish sentiment among derivatives traders.

Analyst Michael van de Poppe expected a strong continuation in ETH price in the coming days, possibly a week, as the price holds onto the range low.