Kaal Dhairya, a prominent Shiba Inu developer, has expressed admiration for Ethereum founder Vitalik Buterin in response to the ongoing FUD (Fear, Uncertainty, and Doubt) directed at Buterin. Dhairya acknowledged that when he sees Buterin dealing with FUD narratives, the challenges he faces with Shiba Inu seem insignificant in comparison.
Dhairya shared this perspective as Buterin addressed repeated concerns from community members regarding the continuous sale of ETH tokens by him and the Ethereum Foundation on the open market.
On October 15, the Ethereum Foundation sold 100 ETH tokens, equivalent to $258,000, which is in line with the consistent trend of offloading ETH tokens in recent months. Just seven days before this transaction, the foundation sent 1,250 tokens worth $3.03 million to Bitstamp. On-chain analyst Lookonchain has observed that the Ethereum Foundation has sold a total of 3,966 ETH tokens, amounting to over $11 million, this year.
These consistent sales transactions have raised eyebrows among market participants, especially since they often occur during bull runs of ETH. The cumulative average of these sales is $2,765, while Ethereum is currently trading at $2,470.
Vitalik Buterin himself has also been involved in this trend. On September 19, a wallet associated with him sold 1,300 ETH, worth over $3.17 million. Market participants believe that these sales by Buterin and the Ethereum Foundation contribute to the underperformance of ETH. As a result, community members have continuously urged Buterin to stop selling ETH in response to his tweets.
However, Buterin has chosen to address this trend. In response to one of the recent calls, he clarified that he has not sold any ETH. In fact, his ETH holdings have increased over the past month.
As for the Ethereum Foundation’s sales, Buterin explained that these periodic transactions are necessary to fund researchers and developers who are responsible for important advancements in the Ethereum ecosystem. These efforts include preventing the annual loss of 5 million ETH due to proof-of-work and maintaining low transaction fees. Additionally, the foundation is working on advancing technologies such as zk-tech for private transactions and account abstraction, which allows users to interact with ETH securely without relying on seed phrases or centralized points of failure.
Thanks to innovations like EIP-1559, transactions on the Ethereum network are now processed in under 30 seconds, compared to the previous 1 to 30 minutes. In light of this, Buterin urges community members to show respect for the foundation’s efforts.
Reflecting on Buterin’s clarifications, Shiba Inu developer Kaal Dhairya recognized the significant challenges that Buterin faces and how they overshadow his own struggles with criticism surrounding Shiba Inu. Dhairya expressed hope that people would acknowledge the important role that Buterin’s vision and the contributions of the Ethereum Foundation’s developers have played in shaping the crypto industry. He concluded by stating that he is continually inspired by their dedication.
“I am constantly inspired by their dedication,” Dhairya said.
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