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- 🚀 Gate Square “Gate Fun Token Challenge” is Live!
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If delivery is unavailable, th
Amid the strong profit-taking in ether (ETH) that led to its price drop, it has been distinguished that even the Ethereum Foundation has been part of this scenario.
This organization, which is dedicated to driving the growth of the Ethereum network, sold 800 ETH for almost 2 million DAI in less than a week. It should be noted that this figure is equivalent to U.S. dollars (USD), since it is a stablecoin.
DAI is the third-largest market capitalization stablecoin after Tether (USDT) and USD Coin (USDC). Its price, like the other two, tries to stay the same as that of the US dollar.
The Ethereum Foundation's ether sales were made at an average price of USD 2,422 per coin through various transactions. 700 of the 800 ETH were specifically sold on Jan. 22.
Specifically, in order to make such sales, the organization transferred 2,000 ETH from its 0xde0 address to another one named 0xbc9. This occurred on Jan. 10 and 11, right after the approval of spot bitcoin exchange-traded funds (ETFs) in the United States.
However, it wasn't until Jan. 22 that 700 ETH of 0xbc9 were sent to the 0xd77 address, which sold them for DAI via Cow Protocol and transferred them back to the Ethereum Foundation's 0x9ee address. In this way, he joined the sale of 100 ETH that he had made days before