On Nov. 12, the Ethereum Foundation made another DAI buy by selling 100 ETH. The protocol is selling ETH for the first time since releasing the annual report.
This is based on data collected by analytics platforms SpotOnChainThe 12th of November is a day that marks the beginning of the Ethereum The Foundation has offloaded 100 Ethereum (ETH)ETHIt then swapped the coin for DAI, a stable currency. In exchange for the tokens, 334 315.7 DAI were acquired by the protocol.
The blockchain is selling ETH for the first time since its 2024 annual report was released on Nov. 8. The transaction came after a previous sale on Oct. 30 of 100 DAI for 100 ETH, according to SpotOnChain data.
In October, Ethereum Foundation offloaded four hundred ETH in a row. On Oct. 8, an Ethereum Foundation linked wallet sent 1,250 ETH (about $3.03 million) from Bitstamp.
Ethereum Foundation’s 2024 report It was revealed that the company held $788.7 millions in cryptocurrency reserves, which is a total of $970.2 Million. It claims to hold 99.45% of all its crypto assets in ETH. That’s 0.26% percent of total ETH.
According to data provided by SpotOnChain the Ethereum Foundation holds 272,330 Ethereum and 168.458 DAI. Previous on Sept. 9The Ethereum Foundation has accumulated 8.66 millions DAI in total after it sold 450 ETH to 1.029 million DAI.
Vitalik Buterin, the co-founder of Ethereum Foundation explained in a previous post that it sells ETH to maintain its reserves and fund projects. According to current prices, since the start of 2024 the Ethereum Foundation has sold 4,266 tokens worth $11.83m.
Buterin sold Ten billion tokens (MOODENG), donating proceeds to Kanro his biotech company, and advocating the positive use of memes coins for charitable purposes.
The Ethereum co-founder has been accused by many of trying to profit from the sale of ETH. He denies these accusations, stating that the money was used for ecosystem development and philanthropic activities.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
