Vitalik Buterin, Co-Founder of Ethereum, has transferred 2.1 million Starknet tokens to a new wallet. At the time of transfer, the total value of the transferred STRK was $858.7k. Vitalik is a seed investor in the project, and has received those tokens across two unlocks. This has not affected the price of the token, which has increased by 4.16% in the last 24 hours to $0.401 at the time of writing this article.
He previously unlocked 1.26 million STRK for approximately $470,000. This had sparked an uproar across the market; however, the token remained bullish, and that was apparently all the market needed to calm down. The Ethereum L-2 network essentially supports scalability offerings for dApps, i.e., decentralized applications. What makes it attractive is the fact that it refuses to compromise on security in pursuit of achieving high scalability.
According to recent reports, his holdings, which include others like SDOG and DOGE in his portfolio, are second highest on the list, just behind Ethereum.
Unlocking tokens is associated with the act of making them accessible to the market. As many members have guessed, unlocking tokens contributes to their development by enabling their sale to others. Unlocking and transferring them to a wallet alternatively shows one picture, which is that the development of Starknet does not depend on the presence of Vitalik. It is all about identifying the complexities and finding a way around them in the market of L2 solutions.
To put the development into a larger perspective, STRK is up by 6.45% in the last 7 days and 7.33% in the last 30 days. In fact, near-term predictions are more bullish, with one of them speculating a surge of 233.18% from the current value. This will effectively take the token value to $1.357917. The STRK’s ongoing volatility is 4.50%, with a 14-day RSI of 52.85. The sentiments are largely neutral, while the FGI has given it 29 points.
Trading volume has significantly decreased from $155.09 million as of August-September to $135.06 million between September 01 and 05, 2024. At the same time, token value has managed to rise from $0.35 to $0.40.
This is not the first sale that Vitalik has made recently. The last one was 1,100 ETH to exchange platforms, according to Lookonchain. More data also shows that he has transferred almost 422,000 Ether tokens worth $1.04 billion as of September 1, 2024, since 2015. The last 2 years alone have seen him transfer more than 840,000 Ethereum tokens.
He has openly denied speculation that he has sold them for profits, stating that he has not sold ETH for profits since 2018. On August 31, 2024, he clarified that he made sales to support multiple valuable projects in the Ethereum ecosystem.