Vitalik Buterin sent 200 ETH to Kraken: what does this mean for the market?

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Vitalik Buterinone of the co-founders of Ethereum, sent 200 ETH (equivalent to around $382,796 at current market rates) to an address belonging to the cryptocurrency exchange Kraken. The on-chain data was shared by the blockchain security platform PeckShieldAlert.

What is the reason for the transaction of Vitalik Buterin to Kraken?

The reason behind the transaction was not clear at the time of publication. A Twitter user commented below PeckShieldAlert’s tweet, stating that Vitalik knows that PEPE will be listed on Kraken.

This is not the first time that Vitalik has made such a move. The address labeled Vitalik had deposited 500 ETH with Reflexer to mint 150k RAI and also exchanged 132.5k RAI for 378.5k USDC earlier in March 2023. Additionally, it had sent 200 ETH to Kraken in May.

Lookonchain noted that in early March, Vitalik Buterin sold a total of $693,000 worth of memecoins, including Mops (MOPS), Cult DAO (CULT), and Shikoku (SHIK), which he had received as gifts. It is not uncommon for Buterin to sell the large number of tokens that smaller projects often send to his address.

It was previously speculated that Vitalik Buterin sent 200 ETH to Kraken to sell it and use the funds to finance a project or cover any expenses. However, the exact reason remains unknown. ETH’s current move comes at a time when the market is trading in neutral with no major fluctuations.

Some of the notable winners in the last 24 hours are the popular memecoins PEPE, WOJAK, and Floki Inu. Investors flock to get their hands on PEPE, as its market capitalization has also increased by more than $1 billion.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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