Another 1,000 ETH on the Move: Foundation’s DAI Conversion Strategy?

• Ethereum Foundation has transferred 1,000 ETH to a multi-sig wallet. 
• The firm made a similar move yesterday, transferring 1,000 ETH to another wallet.
• ETH is trading in the $2,300 price level and aims for higher prices.

The Ethereum Foundation, the organization behind the Ethereum blockchain, moved a substantial 1,000 ETH to a multi-signature wallet “0xbC9a” on September 6th, attracting attention from the crypto community.

Potential DAI Conversion and Price Impact

According to a post on social media platform X (formerly Twitter) by Lookonchain, the Ethereum Foundation plans to convert these tokens to DAI, a stablecoin pegged to the US dollar. The sale is expected to affect the price of ETH. The transaction fee for the transfer was just $0.43.

Read also: Buterin Denies ETH Dumping as Foundation Cashes Out $240K

As reported earlier, a similar transaction had surfaced where the Ethereum Foundation sold 1,000 ETH and the community speculated on the Ethereum creator Vitalik Buterin to be selling his holdings.  However, Buterin has clarified that he has no involvement in the sale of ETH.

Ether Price Struggles

The price of Ether has remained sluggish for several months, failing to break above the $2,800-$3,000 price region multiple times.

According to CoinMarketCap data, ETH is trading at $2,378.28 with 1,000 ETH being priced at $2.3 million based on current prices. The cryptocurrency’s market cap stands at $286 billion, down 0.80% in the past 24 hours. Meanwhile, trading volume was $13.1 billion, a decrease of 6.5%.

In the past seven days, Ether dropped 5.90% while in the last 30 days, ETH witnessed a massive plunge of 5.10%. Additionally, the cryptocurrency reached a monthly high of $2,820.02 before dropping to a low of 2,312.17. Ether is down 51.38% from its all-time high witnessed in November 2021 at a price tag of $4,891.70.