Shiba Inu developer says Ethereum founder’s battle against FUD makes me feel trivial

Well-known Shiba Inu developer Kaal Dhairya has responded to the FUD trend targeting Ethereum founder Vitalik Buterin and expressed his admiration for him.

Dhairya noted that whenever he sees Buterin facing FUD, the doubts and challenges he faces at Shiba Inu pale in comparison.

He expressed this sentiment as Buterin clarified the matter in response to concerns from community members regarding his and the Ethereum Foundation’s ongoing sales of ETH tokens on the open market.

Vitalik Buterin and the Ethereum Foundation sell ETH

On October 15, the Ethereum Foundation sold 100 ETH tokens worth $258,000, which is in line with the consistent trend of selling ETH tokens in recent months.

Specifically, seven days prior to the October 15 transaction, the foundation sent 1,250 tokens worth $3.03 million to Bitstamp. On-chain analyst Lookonchain observed that the Ethereum Foundation has liquidated 3,966 ETH tokens worth more than $11 million so far this year.

These persistent sales are worrisome to market participants, especially since they typically occur when ETH prices are rising. For example, their cumulative sales average is $2,765, while Ethereum is currently trading at $2,470.

Meanwhile, Vitalik Buterin has also been caught up in the trend. On September 19, a wallet associated with him sold 1,300 ETH worth more than $3.17 million.

Market participants believe that these sales by Buterin and the Ethereum Foundation have contributed to ETH’s underperformance. As such, community members continually call on Buterin to “stop selling ETH” in response to most of his tweets.

Buterin chose to buck this trend. Responding to the latest call, the Ethereum founder noted that he is not selling ETH. In fact, his ETH holdings have even increased over the past month.

Why the Ethereum Foundation continues to sell ETH

Regarding the Ethereum Foundation’s sale, Buterin explained that these periodic transactions are necessary to provide funding for researchers and developers responsible for key advances. Their efforts include preventing the loss of 5 million ETH of proof of work each year, and maintaining low transaction fees.

Additionally, the foundation is advancing technologies like zk-tech for private transactions and account abstraction. This allows users to safely interact with ETH without relying on seed phrases or centralized points of failure.

Thanks to innovations such as EIP-1559, transaction processing times have been reduced from 1 to 30 minutes to less than 30 seconds. In this context, Buterin urged community members to “show respect for the Foundation’s efforts.”

Shiba Inu Developer Admires Buterin and Ethereum

Following Buterin’s clarification, Shiba Inu developer Kaal Dhairya reflected on the significant challenges Buterin has faced, noting that they overshadow his own plight to critics surrounding Shiba Inu.

Dhairya hopes that people will recognize the important role that Buterin’s vision and the contributions of Ethereum Foundation developers have played in shaping the crypto industry. He concluded by saying that he has always been inspired by their dedication.

“I’ve always been inspired by their dedication,” he said.

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