As a seasoned crypto investor with over a decade of experience under my belt, I’ve learned to read between the lines when it comes to moves made by key figures like Vitalik Buterin. His recent unlocking of $STRK units might seem like just another transaction on the blockchain, but for me, it’s a clear sign of his faith in the Starknet network.
Today, I found myself in possession of over $470k worth of Starkware (STRK) tokens, as Vitalik Buterin, the co-founder of Ethereum, unlocked 1.268 million STRK units from the Starknet Locked Token Grant contract. With this addition, my holdings now stand at approximately 2.113 million STRK units, valued at around $809k
Vitalik Buterin has repeatedly expressed his dedication to the Ethereum network and its broader ecosystem for lasting success. Consequently, Buterin has not sold any of his major cryptocurrency holdings since 2018, making him a long-term, significant investor in this field
Since 2018, I haven’t kept any profits from sales, instead, I’ve used them to fund diverse initiatives I believe in, which can be found within the Ethereum community or for charitable purposes such as biomedical research and development. This was pointed out by Buterin
Consequently, Buterin’s endorsement has boosted trust in the Starknet network, transforming it into a strong, open-source, and decentralized validation rollup over the past few months
Starknet Price Ready to Moon
Over the last five months, Starknet’s price has followed a downward trajectory much like Bitcoin (BTC) and many other altcoins. Yet, there’s a glimmer of hope: the value of $STRK has found a strong foundation at approximately 34 cents, potentially setting the stage for an upward surge
This moderately-sized cryptocurrency, valued at more than $3.8 billion when all shares are taken into account, and typically exchanging about $89 million every day, appears to be shaping a possible turnaround trend
Looking at the day-to-day fluctuations, the STRK‘s value relative to the U.S. dollar appears to have created a triple bottom pattern, accompanied by a bullish divergence on the Relative Strength Index (RSI). This pattern might indicate an upcoming short-term price increase
Looking forward, as Bitcoin’s market dominance may reverse and kick off an extended altcoin season, the STRK price appears primed for a significant surge towards its record peak within the coming 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.
Growing Ecosystem
The Starknet network has established itself as a leading scaling option within the Ethereum community. As per recent figures, the overall value locked (TVL) in the Starknet ecosystem amounts to approximately $232 million, while its stablecoin market capitalization stands around $87.8 million
The Starknet network has thus far supported approximately 5.1 million smart contracts via around 120 million transactions. Notable DeFi projects on the Starknet network include Nostra, Ekubo, zkLend, Nimbora, Vesu, and mySwap, with several others also contributing
The widespread use of the Ethereum network, boosted by the latest approvals of Ether ETFs and clearer regulations in the U.S., sets its layer-two initiatives at a crucial point for potential expansion opportunities
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2024-09-04 18:16