The Ethereum Foundation Transfers Its Entire Holdings of TKO Tokens to Bitcoin Suisse After the Triumphant Launch of Taiko's Mainnet

This move is seen as a significant milestone for the Ethereum Foundation. Ethereum co-founder Vitalik Buterin had earlier left an encouraging message

The Ethereum Foundation has moved its entire holdings of TKO tokens, valued at around $9.16 million, to Bitcoin Suisse, following the successful launch of Taiko’s mainnet.

According to data from Arkham Intelligence, the Ethereum Foundation transferred 3.484 million TKO tokens to Bitcoin Suisse at 16:25 UTC+8. The tokens were moved from the foundation’s wallet address to Bitcoin Suisse’s hot wallet.

This comes after the foundation received the tokens from the Taiko mainnet on June 28. After receiving the tokens, they were cross-chained to the Ethereum mainnet before being transferred today.

This move is a significant development for the Ethereum Foundation, with co-founder Vitalik Buterin leaving an encouraging message on Taiko’s first genesis block.

In his message, Buterin expressed his excitement for Taiko’s launch as a “based rollup” and its potential impact on the Ethereum ecosystem. “Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction,” Buterin stated.

This launch could also influence other organizations within the crypto space to consider similar strategic decisions, like a domino effect where one major event triggers a series of related occurrences.

The future of TKO tokens is now more interesting than ever before. As the Ethereum Foundation has transferred its entire TKO holdings to Bitcoin Suisse, a new chapter begins for TKO tokens. Investors and market analysts will be keeping a close eye on how this move will impact the value and utility of TKO tokens.

At the time of writing, the price of TAIKO tokens is $2.57, according to data from CoinMarketCap. In the last 24 hours, around $22.3 million in TAIKO tokens have been traded. This marks a slight decrease of 1.53% in the token’s value since yesterday and a more substantial drop of 7.96% over the last week.

Considering the total number of TAIKO tokens in circulation, which is 63 million, the project's overall market capitalization is roughly $162.3 million.

In other news, Bithumb began allowing users to trade TAIKO with the Korean won on July 9, a move that garnered attention and spurred a surge in trading activity. This indicates a growing interest in solutions that enhance the Ethereum network's capabilities. Despite fluctuations in TAIKO's price, its launch on Bithumb and endorsement by Vitalik Buterin have positioned it as a key player in the Ethereum scaling landscape.