- Vitalik Buterin’s transfer of 1.3 million STRK tokens sparked speculation and market volatility.
- Following Buterin’s transfer, STRK’s price rose 4.53%, hinting at a potential rally.
Rumors of a potential massive sell-off have spread recently after Ethereum (ETH) co-founder Vitalik Buterin moved 800 ETH, worth $2.1 million, to a multi-signature wallet.
Vitalik Buterin Moves STRK
On September 4, Buterin unlocked and withdrew 1,268,000 Starknet (STRK) tokens from the Starknet locked token grant contract, worth $470,000.
The news was reported by Wu Blockcahin’s X post.
“Vitalik Buterin currently holds a total of 2,113,000 STRK, which is worth approximately $781,000, making it the second most valuable token after ETH. Vitalik Buterin is one of the early investors in StarkNet.”
This increase, which amounts to $854,730 at $0.39 per token, has piqued curiosity about Buterin’s plans.
Source: Arkham Intelligence
STRK is now Buterin’s second largest token held after Ethereum. Additionally, in May, Buterin transferred 845,205 STRK tokens, which caused the token price to increase significantly.
Impact on STRK Tokens
The recent transfer appears to be triggering a similar market reaction. According to the latest CoinMarketCap update, STRK is up 4.53% over the last 24 hours, trading at $0.3983.
TradingView data analysis from AMBCrypto shows that the RSI is slightly above the neutral level of 51, indicating cautiously bullish momentum, suggesting potential upside.
However, this bullish outlook remained uncertain as the RSI declined slightly.
The brighter news is that the bullish trend is confirmed as the MACD line is above the signal line.
However, if STRK breaks the resistance level of $0.43, it suggests a sustained rally is expected.
Other previous posts by Vitalik Buterin
Prior to this STRK token withdrawal, Vitalik Buterin had moved various tokens between his wallets, including PIKA, ETH, DIMO, and POKT, which raised questions about his future intentions.
Some speculate that the deal represents another charitable donation in line with his past actions.
Some see this move as a strategic reallocation within his portfolio.
Whatever the motivation, Buterin’s actions have piqued curiosity about his broader plans and have the market anticipating further developments.