Ethereum Co-Founder Vitalik Buterin Sells All His MakerDAO (MKR) Tokens for 353 ETH (approximately $581,000), Sparking Speculation in the Crypto Community

MakerDAO's MKR token is one of the best-performing digital assets, with a growth of over 9% in the past week.

Buterin Sells His Held MKR

MakerDAO has solidified its position as one of the most prominent participants in the decentralized finance (DeFi) space. Through its native MKR token and DAI stablecoin, the protocol has gained the trust of the crypto community. However, recent events involving MakerDAO's NewChain project and Ethereum co-founder Vitalik Buterin may reshape certain narratives. Buterin unexpectedly sold all his MKR tokens for 350 ETH (approximately $581,000), attracting widespread attention in the crypto community. The sale was conducted through CoWswap.

This sale occurred after a long period of dormancy and marks Buterin's first involvement in MKR trading in over two years. The last time Buterin sold MKR tokens was in 2021 when he donated 100 MKR to an Indian Covid relief fund. In 2018, Buterin purchased approximately 1071 MKR tokens when the token's trading price was $905. The current trading price of the token has surpassed $1100, indicating that the Ethereum co-founder has made substantial profits from his held tokens.

History of Divestment

Vitalik Buterin has long been divesting his held digital assets. In August, there were reports that he liquidated around 600 ETH, worth about $1 million, through the cryptocurrency exchange Coinbase. Market observers closely monitored this transaction and speculated that it exerted significant downward pressure on the ETH price, which was facing significant challenges at the time. In March, he also transferred around 200 ETH to Kraken and actively sold several altcoins, converting them into approximately 439 ETH.

Community Questions Motives

Buterin's sale of MKR tokens has sparked considerable speculation in the crypto community, with many attempting to guess the reasons behind this move. This includes Tron Network's founder, Justin Sun. Some speculate that this may be a retaliation against recent statements made by MakerDAO co-founder Rune Christensen. However, others interpret this as a bearish indicator and a lack of confidence in MakerDAO's strategy. Some also express the belief that MKR is overvalued while ETH is undervalued.

Is MakerDAO's NewChain the Reason?

MakerDAO has recently accelerated the development of NewChain, with Christensen being a major proponent of the project. NewChain is crucial for MakerDAO's Endgame upgrade. The ultimate goal of Endgame is to fully reimplement the Maker protocol in a new blockchain ecosystem.

This signifies a significant paradigm shift for the protocol, especially as Christensen advocates using Solana's codebase as the foundational framework for NewChain. This marks a departure from Ethereum and emphasizes the project's commitment to exploring alternative blockchain solutions as a means to enhance its capabilities.

"The final stage of Endgame is to launch a native blockchain for Maker called NewChain. This will make the ecosystem more secure and efficient. After some research, I believe the Solana codebase should be considered as the foundation for NewChain."

Impact on MKR Price

MKR tokens have recently shown strong performance, with a 9% increase over the past 7 days. However, following Buterin's sale of his held MKR, the MKR price experienced a significant decline, dropping nearly 4% within 24 hours. Additionally, network growth for MKR tokens has sharply decreased, indicating waning interest from new addresses in MKR trading. The speed of MKR (an indicator of token trading frequency) also shows signs of slowing down.

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