Ethereum Co-founder Vitalik Buterin Unlocks 1.26M Starknet Tokens, STRK Price Signals Rebound Ahead

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Ethereum Co-founder Vitalik Buterin Unlocks 1.26M Starknet Tokens, STRK Price Signals Rebound Ahead

Ethereum (ETH) co-founder Vitalik Buterin has unlocked 1.268 million $STRK units, worth more than $470k, from the Starknet Locked Token Grant contract earlier today. The on-chain address associated with Buterin now holds a total of 2.113 million STRK units, worth about $809K.

Buterin has in the recent past reiterated his commitment to the Ethereum network and the larger ecosystem for long-haul prosperity. As a result, Buterin indicated that he has not liquidated any of his top crypto holdings since 2018, thus qualifying as a long-term whale investor.

“I haven’t sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the Ethereum ecosystem or broader charity (eg. biomedical R&D),” Buterin noted.

As a result, Buterin has instilled confidence in the Starknet network, which has grown to a robust permissionless decentralized validity rollup in recent months.

Starknet price has been trapped in a falling trend for the past five months in a similar fashion as Bitcoin (BTC) and most altcoins. However, the $STRK price has established a solid bottom around 34 cents, which has acted as a base for a potential bullish rebound.

The mid-cap altcoin, with a fully diluted valuation of over $3.8 billion and a daily average traded volume of around $89 million, has been forming a potential reversal pattern.

In the daily time frame, $STRK price against the US dollar has formed a triple bottom coupled with a bullish divergence on the Relative Strength Index (RSI), suggesting an imminent rebound in the near term.

Amid the anticipated reversal in the macro Bitcoin dominance ahead, which will trigger a major altseason in the subsequent months, the $STRK price is well positioned to rally towards its all-time high in the subsequent months.

However, the midterm bullish prospects for $STRK will be quashed if the altcoin consistently closes below the support level above 34 cents in the coming weeks.

The Starknet network has positioned itself as a top-scaling solution for the Ethereum ecosystem. According to the latest data, the Starknet ecosystem had a total value locked (TVL) of about $232 million and a stablecoins market cap of around $87.8 million.

The Starknet network has so far facilitated 5.1 million smart contracts through nearly 120 million transactions. Some of the top DeFi projects on the Starknet network include Nostra, Ekubo, zkLend, Nimbora, Vesu, and mySwap, among others.

The mainstream adoption of the Ethereum ecosystem, fueled by the recent approval of spot Ether ETFs and regulatory clarity in the United States, has positioned its layer two projects at a pivotal stage for future growth prospects.

Ethereum Co-founder Vitalik Buterin Unlocks 1.26M Starknet Tokens, STRK Price Signals Rebound Ahead