{"id":170956,"date":"2023-10-09T20:21:44","date_gmt":"2023-10-09T14:51:44","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=170956"},"modified":"2023-10-09T20:21:44","modified_gmt":"2023-10-09T14:51:44","slug":"ethereum-foundation-swaps-ether-worth-2-7-million-eth-dips-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/ethereum-foundation-swaps-ether-worth-2-7-million-eth-dips-crypto-news\/","title":{"rendered":"Ethereum Foundation swaps Ether worth $2.7 Million, ETH dips &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\"><\/div>\n<ul class=\"decimal_type\">\n<li>The swap was done on Uniswap.<\/li>\n<li>Ethereum (ETH) had dropped 1.64% at the time of writing to trade at $1,593.66.<\/li>\n<li>Ethereum Foundation\u2019s significant holdings of Ether influence market dynamics despite its decentralized nature.<\/li>\n<\/ul>\n<p>The Ethereum Foundation, a key player in the development and ecosystem of the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinjournal.net\/ethereum\/what-is-ethereum\/\">Ethereum network<\/a>, sold a portion of its allocated Ether (ETH) tokens. A wallet identified as \u201c0x9eE457023bB3De16D51A003a247BaEaD7fce313D,\u201d labelled as a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/etherscan.io\/address\/0x9ee457023bb3de16d51a003a247baead7fce313d\">\u201cGrant Provider\u201d<\/a> on blockchain tracker Etherscan, executed a swap of over 1,700 ETH for $2.7 million in USDC on the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinjournal.net\/uniswap\/what-is-uniswap\/\">Uniswap decentralized exchange<\/a>.<\/p>\n<h2>Market reaction and impact<\/h2>\n<p>The sale of ETH tokens by the Ethereum Foundation triggered a reaction in the cryptocurrency market.<\/p>\n<p><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coinjournal.net\/ethereum\/\">Ether\u2019s price<\/a> dipped by approximately 1.5% within a few hours, and over the subsequent 24-hour period, the drop extended to 1.8%. This event led to a temporary slump in the value of Ether and affected other major tokens as well.<\/p>\n<h2>Ethereum Foundation\u2019s holdings<\/h2>\n<p>As of April 2022, the Ethereum Foundation held a substantial amount of ETH, valued at nearly $1.29 billion, representing roughly 0.297% of the total Ether supply at that time. Additionally, the foundation had approximately $300 million in non-crypto investments.<\/p>\n<p>While the Ethereum Foundation does not govern the Ethereum blockchain, its actions can significantly influence token prices and impact investor and developer sentiment within the Ethereum ecosystem.<\/p>\n<p>The Ethereum Foundation plays a crucial role in funding and supporting the development of applications and programs on the Ethereum network. While it is not a centralized authority, its activities are closely watched by the crypto community due to its historical significance and impact on the Ethereum ecosystem.<\/p>\n<p>This recent sale is part of the Ethereum Foundation\u2019s periodic token sales to cover operational costs and support ongoing development efforts.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\" \/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\" \/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\" \/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The swap was done on Uniswap. Ethereum (ETH) had dropped 1.64% at the time of writing to trade at $1,593.66. Ethereum Foundation\u2019s significant holdings of Ether influence market dynamics despite its decentralized nature. The Ethereum Foundation, a key player in the development and ecosystem of the Ethereum network, sold a portion of its allocated Ether [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":170957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-170956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=170956"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170956\/revisions"}],"predecessor-version":[{"id":170959,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/170956\/revisions\/170959"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/170957"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=170956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=170956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=170956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}