Ethereum Foundation’s 1.7K ETH Sale Signals Potential Price Downturn

Ethereum Foundation’s Sale Raises Red Flags

On October 9, 2023, blockchain analytics platform Scopescan reported that the Ethereum Foundation sold 1,700 ETH, equivalent to approximately $2.76 million, for USDC. The transaction was confirmed by the Ethereum Foundation’s address 0x9ee457023bb3de16d51a003a247baead7fce313d. This sale has raised concerns about the financial outlook for Ethereum, as it may be interpreted as a lack of confidence in the asset’s future performance.

Community Speculation and Crypto KOL’s Pessimism

The sale has led to heightened speculation within the crypto community. Twitter user BignoseGosu.eth questioned the Ethereum Foundation’s motives, receiving a tongue-in-cheek reply from Scopescan: “Cause they gotta eat?” Adding to the negative sentiment, a Twitter crypto trading Key Opinion Leader (KOL) expressed pessimistic views about Ethereum, further signaling potential price downturns.

Mike Alfred, a crypto KOL, also contributed to the growing skepticism. On the same day as the Ethereum Foundation’s sale, he tweeted that the “world computer and ultrasound money narratives have failed,” accusing insiders like Vitalik Buterin of “looting the protocol.” His tweet garnered 176.9K views as of October 9, 2023, amplifying the negative sentiment surrounding Ethereum.

The Ethereum Foundation’s sale of 1,700 ETH, coupled with pessimistic views from crypto trading KOLs like Mike Alfred, has fueled concerns about Ethereum’s financial outlook. These developments may signal a potential downturn in ETH prices.

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Will Shiba Inu SHIB reach $1 by 2030?

Founded under the pseudonym “Ryoshi” in August 2020, the SHIBA INU token, or SHIB, has quickly morphed into a crypto sensation. An Ethereum-based token, it champions the decentralization narrative, rallying a broad global audience to its fold. By September 17, 2021, Coinbase, a prominent U.S. crypto exchange, had added Shiba Inu to its listing, which consequently pumped its value by 40% within 48 hours.

However, a pivotal query has arisen: Can this meme-inspired token touch the $1 mark by 2030?

Shiba Inu’s Evolution: A Quick Recap

Created by an anonymous individual, Ryoshi, the SHIBA INU token rode the wave of popular endorsements from the likes of Elon Musk and Vitalik Buterin. While many speculated Buterin’s role in its inception, he cleared the air on the Lex Fridman podcast aired on June 5, 2021. The ShibaSwap, the token’s dedicated decentralized exchange, has played a vital role in its growth.

In October 2021, murmurs about a potential Robinhood listing pushed SHIB’s price, even temporarily overtaking Dogecoin in market capitalization. Though a listing on Robinhood remains elusive, Christine Brown of Robinhood acknowledged the Shiba Inu community’s spirited efforts.

Another noteworthy chapter in SHIB’s journey was when Vitalik Buterin burned a significant chunk of his SHIB share, which he had received from Ryoshi. This act, coupled with his charitable donations using the token, carved a distinctive narrative for SHIBA INU in the crypto landscape.

What Sets SHIBA INU Apart?

The SHIBA INU ecosystem isn’t just about its primary token. It’s also fostering an “artistic Shiba movement” in the NFT sector. The objective, according to the platform, is twofold: establishing a decentralized organization sans central leadership and introducing SHI, an algorithmic stablecoin pegged at one cent.

In December 2021, the American electronics vendor, Newegg, ushered SHIB into its payment methods, highlighting the growing merchant adoption of the token. Moreover, efforts like the SHIB burn party by Bigger Entertainment last Christmas signals an active community trying to manipulate the token’s supply and, potentially, its price.

The SHIB Supply Dynamic

The SHIBA INU platform locked 50% of its token supply on Uniswap, and the rest was “gifted” to Buterin, who later burned 40% of the total tokens. The platform also features other tokens like LEASH and BONE, each with its unique attributes and utilities.

On May 10, 2021, SHIB reached its ATH of 0.00005. A contributing factor was when Buterin, in an unforeseen move, donated a significant amount of his tokens for COVID relief in India.

Looking Ahead: Can SHIB Reach $1 by 2030?

Forecasting if SHIB could attain a value of $1 by 2030 necessitates an examination of myriad factors. This includes its current circulating supply, scheduled and potential burn events, overarching market conditions, and the evolution and expansion of its ecosystem.

Current Numbers Breakdown:

Total burnt from initial supply: 410,658,540,184,213

Max Total Supply: 999,983,856,519,899

Current Total Supply: 589,341,459,815,786

Circulating Supply: 579,724,727,441,499

Putting it into Perspective:

Currently, there’s a whopping 600 trillion SHIB coins in circulation. To understand the scale of this, consider that the entire US stock market cap stands at approximately $46 trillion.

For SHIB to reach $1, its total market cap would need to hit $600 trillion, which is over ten times the combined valuation of all U.S. stocks. This scenario, on its face, seems implausible.

Although Shiba Inu is ramping up its token burn strategy to reduce the circulating supply, the numbers still present challenges. Even if an ambitious 99% of the current circulating supply were to be burned, SHIB’s market cap would hover around $6 trillion. This would be double the market cap of tech giant Apple, currently the world’s most valuable company.

In conclusion, while the Shiba Inu community is passionate and the token continues to gain traction, reaching a $1 valuation by 2030 would require unprecedented market shifts.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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