The swapped 350 ETH was then transferred to the address 0x3f6.
The sale could also be related to the recent statement by MakerDAO founder.
Prominent independent reporter with the twitter handle @WuBlockchain revealed an unexpected sale by Ethereum co-founder Vitalik Buterin: he swapped 500 MKR tokens for 350 ETH, a deal worth around $581,000. The swapped 350 ETH was then transferred to the address 0x3f6. Buterin’s sale of MKR tokens, the first in two years, has raised suspicions in the cryptocurrency industry.
This news follows a short spike in the trading price of MKR tokens, which some speculate may have been caused by whale activity. There has been a notable uptick in MakerDAO’s core functionality.
Nonetheless, the MakerDAO community’s statement on August 28 announcing the establishment of SubDAOs in South Korea looks to be a major driver behind the increasing price of MKR tokens. This method has generated a lot of buzz in the blockchain space as it seeks to unleash DAOs’ full potential.
Migration from Ethereum
As investors and enthusiasts wonder what prompted Vitalik to sell his MKR tokens for the first time in two years, the market as a whole may have corrected, which might explain the decline in value. Moreover, the sale could also be related to the recent statement by MakerDAO founder.
The fifth and last phase of the Endgame was described by MakerDAO creator Rune Christensen in a blog post for the MakerDAO community recently. This step entails rebuilding the MakerDAO protocol on a new, separate blockchain.
Despite the fact that MakerDAO has been built on Ethereum from day one. Instead of utilizing the Ethereum Virtual Machine (EVM), the next native chain will be built on a fork of the Solana codebase.