Kaal Dhairya, a well-known developer in the Shiba Inu community, has responded to the recent wave of fear, uncertainty, and doubt (FUD) targeting Ethereum founder Vitalik Buterin by expressing his admiration for him. Dhairya acknowledged that whenever he sees Buterin facing FUD narratives, it puts into perspective the concerns and challenges he deals with in the Shiba Inu community.
This perspective was expressed as Buterin addressed repeated queries from community members regarding concerns about him and the Ethereum Foundation continuously selling ETH tokens on the open market.
On October 15, the Ethereum Foundation sold 100 ETH tokens worth $258,000, which is consistent with their recent trend of offloading ETH tokens. Just seven days prior to 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 liquidated a total of 3,966 ETH tokens worth over $11 million so far this year.
These consistent sales transactions have raised eyebrows among market participants, especially since they often occur during bullish periods for ETH. The cumulative sales average $2,765, whereas 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 have contributed to ETH’s underperformance. As a result, community members have continuously called on Buterin to stop selling ETH in response to most of his tweets.
Buterin decided to address this trend today. In response to one of the latest calls, he stated that he has not sold any ETH. In fact, his ETH holdings have increased over the past month.
Buterin explained that the Ethereum Foundation’s periodic sales are necessary to fund researchers and developers who are responsible for key advancements in the ecosystem. These efforts include preventing the loss of 5 million ETH annually 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 safely without relying on seed phrases or centralized points of failure.
Thanks to innovations like EIP-1559, transactions are now processed in under 30 seconds instead of taking 1 to 30 minutes. In light of these advancements, Buterin urges community members to show respect for the foundation’s efforts.
Reflecting on Buterin’s clarifications, Shiba Inu developer Kaal Dhairya acknowledged the significant challenges that Buterin faces and how they overshadow his own struggles with criticism in the Shiba Inu community. Dhairya hopes that people recognize 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’m always inspired by their dedication,” Dhairya said.
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