Ethereum Foundation Moved $9.16M Worth of TKO Tokens to Bitcoin Suisse's Hot Wallet

Transfer involved 3.484 million TKO tokens, now trading at $2.55, down 3.3% in 24 hours. Vitalik Buterin praised Taiko's launch

Ethereum Foundation has transferred its entire stash of TKO tokens to Bitcoin Suisse, a top-tier crypto service provider, valued at approximately $9.16 million.

This transaction, which spans over 3.484 million TKO tokens, comes amidst some interesting developments within the Taiko project. As the dust settles on this latest transfer, many are left speculating about the exact reason behind such a move.

Breaking Down the Transfer Details

Blockchain monitoring service Arkham Intelligence has reported a substantial transfer of tokens from the Ethereum Foundation’s wallet address to Bitcoin Suisse's hot wallet, valued at approximately $9.16 million.

This transaction involves nearly 3.484 million TKO tokens and follows the Foundation's receipt of these tokens from the Taiko mainnet on June 28.

After receiving the tokens, they were cross-chained to the Ethereum mainnet before today’s transfer, which also coincides with some volatility in the Taiko (TAIKO) token market.

As of now, TAIKO is trading at $2.55, showing a 3.3% decrease over the past 24 hours. With 63 million TAIKO tokens in circulation, the project's market capitalization stands at about $162.3 million.

Highlighting Vitalik Buterin’s Support for Taiko

During Taiko’s launch, Ethereum co-founder Vitalik Buterin had expressed his support for the project and its potential impact on the Ethereum ecosystem.

In a message included in Taiko’s first genesis block, Buterin praised Taiko as a promising “based rollup” and emphasized the importance of diverse Layer 2 solutions for Ethereum’s growth.

$TAIKO one of the biggest projects to launch this year finally started trading As an early investor and with Vitalik backing it I am excited to see where this goes

Looking to add more to my position on a pull back 🤝 pic.twitter.com/cizv0SHeN3

Adding to the excitement, Bithumb began trading TAIKO against the Korean won on July 9. This move has sparked more interest and trading activity among investors, bringing extra attention to Ethereum Layer 2 solutions.

Even with some recent price changes, Taiko’s growing visibility, supported by Buterin’s praise, strengthens its role in improving Ethereum’s scalability.

Predicting the Next Move in Taiko Price

Making a strong debut, Taiko (TAIKO) is currently valued at $2.91 and has seen a significant rise of 19.95% since its ICO on June 6, 2024.

As we look to the future, forecasts suggest that Taiko could reach a minimum trading value of $5.63, with potential highs of up to $8.41.