As a seasoned researcher with years of experience in the cryptocurrency market, I find this recent move by Vitalik Buterin intriguing. Given his role as the co-founder of Ethereum and his significant holdings in Starknet, it’s not unusual to see such transactions. However, the timing and the volume of this deposit to Binance, a platform notorious for its high trading volumes, raise some questions.
In light of Starknet (STRK) cryptocurrency nearing its exit from the top 100 rankings, Vitalik Buterin recently transferred an enormous 2.09 million STRK to Binance (BNB). This asset had nearly reached a fresh all-time low prior to today’s crypto market upswing.
Ethereum (ETH) might be selling another two million of STRK at loss
Vitalik Buterin, one of the co-founders of Ethereum (ETH), has transferred approximately 2.09 million Starknet (STRK) tokens to Binance (BNB), the globally popular and high-volume centralized cryptocurrency exchange, with a current market value of around $800,000 for these tokens.
The mysterious transaction was noticed by Onchain Lens automated tracker. The analysts also mentioned that Buterin might be selling STRK at loss of $714,000.
If the information is accurate, it seems like the creator of Ethereum (ETH) may be nearing the end of his STRK stock sell-off, as he would only hold approximately 15,862 tokens remaining.
Previously reported by U.Today, Vitalik Buterin has invested in Starknet (STRK) as a seed funder. Among his substantial assets, STRK and Ether tokens held significant positions.
In September, there was news that he had released his STRK shares, which some analysts viewed as a negative sign for Starknet (STRK).
STRK token lost 90% compared to ATH
To date, STRK has been one of the poorest performers within the top 100 cryptocurrencies. This digital asset, which debuted on its main network in February 2024, has suffered a significant loss, nearly 90%, of its initial value.
Before the recent surge in cryptocurrency prices, it had been trading at around $0.34, just a bit higher than its all-time low recorded in August.
Starknet, represented as STRK, functions as an Ethereum (ETH)-compatible layer 2 solution, addressing the speed and scalability constraints encountered at the base layer (L1).
The method uses a custom programming language called Cairo to generate computationally general programs that can be proven using STARK, thereby enhancing the functionality of the protocol.
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2024-11-06 18:34