The Ethereum Foundation has transferred its entire stake in TAIKO tokens to Bitcoin Suisse, a leading institutional cryptocurrency platform. This significant move follows the successful launch of Taiko, a Layer 2 scaling solution built on Ethereum, on 27 May 2024.

Blockchain analytics firm Arkham Intelligence tracked that the Ethereum Foundation transferred its entire 3.484 million TAIKO tokens, valued at approximately $9.16 million, received from Taiko mainnet, to Bitcoin Suisse, a leading institutional-grade crypto service platform, at 16:25 UTC+8 today.

According to Arkham Intelligence, these tokens were transferred from the Ethereum Foundation’s wallet address, 0x97…dE4B, to Bitcoin Suisse’s hot wallet. However, the reason for this transfer is unclear.

The Ethereum Foundation acquired these TAIKO tokens just weeks ago, on June 28th, from the Taiko mainnet. Before today’s transfer to Bitcoin Suisse, the tokens were bridged to the Ethereum mainnet. Notably, Ethereum co-founder Vitalik Buterin had previously expressed optimism about the Taiko project, marking its genesis block with an encouraging message:

“I’m excited to see that Taiko is launching as a based rollup. Ethereum benefits from L2s taking a plurality of different approaches, and I appreciate them being among the first to go in this direction.” 

TAIKO has expanded its global reach with a listing on South Korea’s Bithumb exchange on July 9th. This move has ignited investor interest and trading volume, underscoring the growing prominence of Ethereum Layer 2 solutions.

Despite a surge in trading activity, the price of TAIKO tokens has declined. The cryptocurrency is currently trading at $2.44, representing a 5.65% drop in the past 24 hours. However, trading volume has increased by 4.24% to $28.72 million during the same period. As a relatively new token, TAIKO has a circulating supply of 65.95 million with a market capitalization of $161.03 million, according to CoinMarketCap.

Overall, the listing on Bithumb and the endorsement from Ethereum co-founder Vitalik Buterin have solidified Taiko’s position as a significant player in the Ethereum scaling landscape. Despite recent market volatility, the project’s potential and backing from influential figures in the industry continue to attract investor attention.

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