{"id":23902,"date":"2023-10-09T12:53:39","date_gmt":"2023-10-09T12:53:39","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ethereum-foundation-swaps-ether-worth-2-7-million-eth-dips\/"},"modified":"2023-10-09T12:53:39","modified_gmt":"2023-10-09T12:53:39","slug":"ethereum-foundation-swaps-ether-worth-2-7-million-eth-dips","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ethereum-foundation-swaps-ether-worth-2-7-million-eth-dips\/","title":{"rendered":"Ethereum Foundation swaps Ether worth $2.7 Million, ETH dips"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1696852223584-8ac3ea7e-8b1e-44f9-a6f2-f7ef847066b9-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1696852223584-8ac3ea7e-8b1e-44f9-a6f2-f7ef847066b9-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1696852223584-8ac3ea7e-8b1e-44f9-a6f2-f7ef847066b9-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/10\/1696852223584-8ac3ea7e-8b1e-44f9-a6f2-f7ef847066b9-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/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 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 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 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 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<p><a href=\"https:\/\/coinjournal.net\/news\/ethereum-foundation-swaps-ether-worth-2-7-million-eth-dips\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) 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 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":23903,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23902"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23902"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23902\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23903"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}