Vitalik Buterin Sends 200 ETH to Kraken – What Does This Mean?

Vitalik Buterin, one of the co-founders of Ethereum, has sent 200 ETH (equivalent to around $382796 at current market rates) to an address that belongs to the Kraken cryptocurrency exchange. The on-chain data was shared by the blockchain security platform PeckShieldAlert.

#PeckShieldAlert vitalik.eth-labeled address has transferred 200 $ETH to #Kraken https://t.co/8cz8v95s52 pic.twitter.com/lEE7GkOuct

— PeckShieldAlert (@PeckShieldAlert) May 5, 2023

The motive behind the transaction was unclear at press time. One Twitter user commented below PeckShieldAlert’s tweet, stating that Vitalik knows PEPE will be listed on Kraken.

This is not the first time Vitalik has made such a move. The Vitalik-labeled address had deposited 500 ETH in Reflexer to mint 150k RAI and also swapped 132.5k RAI for 378.5k USDC previously in March 2023 as well. He had additionally sent 200 ETH to Kraken in May.

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

It was speculated earlier that Vitalik sent 200 ETH to Kraken to sell it and use the funds to fund a project or cover any expenditure. However, the exact reason remains unknown. The current movement of ETH comes at a time when the market is trading in neutral with no major fluctuations.

Some of the notable gainers over the last 24 hours are the popular meme coins PEPE, WOJAK, and Floki Inu. Investors are flocking in to get their hands on PEPE as its market cap also rose over $1 billion.

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