This week saw a notable decline in the cryptocurrency market as Ethereum (ETH) saw a major decline of more than 9.6% since the start of the week, reaching its lowest levels since mid-February. With the price of ETH currently at $2,950, Tuesday witnessed the most of this drop, which resulted in a weekly low of $2,817.
Amidst this turmoil, interest has been raised on “0xd7,” a purported Ethereum Foundation account that allegedly traded 100 ETH for 291,267 DAI today using the Cow Protocol.
Subsequent to this transaction, the obtained DAI was sent to an additional Ethereum Foundation address, “0x9e.” Notably, in recent times, this alleged Ethereum Foundation address has often used the Cow Protocol to exchange ETH for DAI.
How solid is that foundation?
A nonprofit organisation devoted to the development of Ethereum and associated technologies is called the Ethereum Foundation. Arkham claims that the Foundation’s known accounts presently have 310,867 ETH, which is worth $915.15 million.
With assets projected to surpass $1 billion, the foundation is among the biggest investors of altcoins, excluding exchanges and some projects. This includes holdings in WETH.E valued at $91.87 million and 329,239 DAI, some of which have arrived at foundation addresses today.
There has been conjecture on the possible influence of one of the foundation’s major investors selling off a chunk of their ETH holdings, after the announcement. Such moves might have a negative impact on the price of the primary altcoin, raising doubts among fans and investors.
