Ethereum founder Vitalik Buterin has reacquired a significant amount of Starknet (STRK) tokens after a year-long hiatus. According to on-chain data, Buterin has been allocated 6.29 million STRK tokens. The total value of these tokens is estimated at approximately $1.01 million.
The Starknet ecosystem is known as a Layer-2 scaling solution built on Ethereum, and its developer team, StarkWare, previously confirmed that Buterin was one of its early investors.
Vitalik Buterin individually participated in StarkWare's $6 million seed investment round in January 2018.
Analysts believe Buterin's token allocation is part of a plan to unlock Starknet. Interestingly, Buterin deposited the STRK tokens he acquired last year onto the Binance exchange shortly thereafter.
This situation was interpreted by analysts as “possible preparation for sale,” but Buterin did not make any statement on the subject.
It remains to be seen whether the newly allocated STRKs will be transferred to the exchange in a similar manner. Market observers believe this development could exert short-term selling pressure on the Starknet token price.
*This is not investment advice.