Ether.fi Multi-Signature Wallet Transfers 1.6M $ETHFI Tokens to Binance, Triggering the Community

The steady sell-off has raised some questions within the community, especially as Ether.fi continues to grow its ecosystem and revenue streams.

A multi-signature wallet, associated with address 0x57C…15491, has once again made headlines by transferring 1.6 million $ETHFI tokens, valued at $2.05 million, to Binance.

This transfer comes just a week after the previous transaction, marking the latest in a series of significant token movements.

As covered by NullTX earlier, the address, which belongs to Ether.fi, began transferring large amounts of $ETHFI tokens to Binance on April 1, when it received 10 million tokens from the project. Since then, it has transferred a total of 8.66 million tokens to the exchange, amassing an approximate total of $14.24 million from these transactions.

The average selling price of these transactions stands at $1.64, compared to the current market price of $1.29.

This steady sell-off has raised some questions within the community, especially as Ether.fi continues to grow its ecosystem and revenue streams. In August alone, Ether.fi generated $2.19 million in revenue. Notably, 5% of this revenue will be allocated to a $ETHFI buyback and LP seeding program, with the token purchases expected to be completed by September 15. The project has committed to providing transaction details once the buyback process is executed.

The https://t.co/Kw59eHCWH6 protocol earned US$2.19M of revenue in August. A total of 5% of this revenue will be allocated to the $ETHFI buback and LP seeding program. The purchase of $ETHFI will be completed by September 15th. Transaction details will be provided once executed.…

— ether.fi Foundation (@ether_fi_Fdn) September 6, 2024

The $ETHFI token has been under pressure due to these large-scale transfers, but Ether.fi’s commitment to supporting the token through buybacks may provide a boost in the near future. With the token price currently below the average selling price of the transferred tokens, all eyes are on the buyback program and its potential impact on the $ETHFI market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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