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Following a recent transaction by the Ethereum Foundation, the price of Ether (ETH) experienced a decline. Although the foundation has not provided an explanation for the move, it seems to have a valid reason behind it. Amidst an already struggling crypto market, traders reacted to the transfer, causing Ether's losses to reach 1.8% at $1,614.
As part of its regular practice to cover costs, the Ethereum Foundation's associated wallet, 0x9eE457023bB3De16D51A003a247BaEaD7fce313D, swapped over 1,700 ETH on Monday, valued at approximately $2.7 million. Previous large-scale transactions from the foundation have also coincided with fluctuations in the Ethereum price, such as a significant drop in May 2021 and a transfer during Ether's peak in November of the same year.
While the Ethereum Foundation has stayed silent on the motive behind this recent move, data from EigenPhi revealed that the transaction took place through Uniswap v3 and was subjected to a Sandwich attack by an MEV Bot. This particular incident resulted in a loss of $9,101 for the foundation, with the MEV Bot making a $4,060 profit.
As of Tuesday, Ether was trading at $1,590.73, experiencing a 1.58% decrease in the last 24 hours and a 4.34% loss over the past seven days. With a circulating supply of 120,250,55 ETH, its market cap stood at $191,264,820,475 according to CoinMarketCap data.