Canadian computer programmer and co-founder of Ethereum, Vitalik Buterin recently executed a large-scale ETH transaction, sparking interest in the destination of the funds. 

On July 6, Buterin transferred approximately 99.9 ETH tokens valued at about $300,000 to a wallet address starting with 0x82 for the Gnosis Safe Proxy. The transaction, spotted by blockchain analytics platform Arkham Intelligence and confirmed by on-chain data, was executed using one of Buterin’s main wallet addresses.

Reports have indicated that the destination of the 100 ETH is suspected to be a community-driven organization, the 2077 Collective. Interestingly, Buterin donated the funds to an organization that consistently promotes the adoption of the Ethereum blockchain.

The 2077 Collective is a group of creatives, researchers, developers and marketers dedicated to improving Ethereum’s adoption, aiming to fuel more growth, and advancements within the ecosystem. The organization has also revealed plans to promote Ethereum’s expansion within the crypto space and outside of it. 

In his efforts to support the goals of the innovative organization, Buterin donated a significant sum to empower members of the 2077 Collective and potentially facilitate the growth of the Ethereum blockchain.

Typically, when a prominent figure like Buterin initiates a substantial Ethereum transfer, it tends to lead to widespread speculation as the market tries to figure out the reasons behind the transaction and the potential implications on the market. 

Now that Ethereum’s price action is showing signs of fragility, a transaction from one of the cryptocurrency’s founders is sure to capture the market’s attention. The cryptocurrency is trading below all-time highs, consistently witnessing declines that have led to a crash of almost 20% over the past month.

At the time of writing, Ethereum’s price is $3,062, reflecting an 11.82% decrease in the last week, according to CoinMarketCap. Despite the declines, the cryptocurrency’s trading volume is up by 66.73%, underscoring investors’ continued interest and demand for the altcoin. 

Buterin’s recent 100 ETH transfer is one of many ETH transactions initiated over the years. Earlier in 2023, Buterin revealed that he had never sold any Ethereum for personal gains since 2018.

At the time, the Ethereum co-founder disclosed that his ETH transfers were primarily donations to charity, non-profit organizations or COVID-related causes. Solidifying his claims, Buterin is well known for his generosity within the crypto space. 

The crypto founder has constantly made headlines for his philanthropic contributions and efforts to sustain growth and innovation in the space. While he holds a significant amount of assets, Buterin persistently contributes in different ways to the crypto community and the world.

Data from Arkham Intelligence revealed that Buterin’s wallet holds approximately $1.99 million, with the majority of his assets in Ethereum. Precisely, the wallet holds about 357,273 ETH and a varied portfolio of other prominent altcoins. 

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