Ethereum Foundation Moves $9.16M in TKO Tokens to Bitcoin Suisse, Is Taiko the Next Big Thing?

Taiko (TAIKO) is a rapidly emerging cryptocurrency that has caught the eye of many investors. Ethereum Foundation has transferred its entire stash of TKO tokens to Bitcoin Suisse, a top-tier crypto service provider. 

This transaction, valued at approximately $9.16 million, involves 3.484 million TKO tokens and follows a series of recent developments with the Taiko project. While many are wondering about the exact reason behind such a transfer. 

Details of the Transfer

According to blockchain monitoring service Arkham Intelligence, the transfer was executed from the Ethereum Foundation’s wallet address to Bitcoin Suisse’s hot wallet with almost 3.484 million TKO tokens, valued at approximately $9.16 million. 

Meanwhile, this follows the Foundation’s receipt of these tokens from the Taiko mainnet on June 28. 

After receiving the tokens, they were cross-chained to the Ethereum mainnet before today’s transfer. Perhaps, the timing of the transfer coincides with some volatility in the Taiko (TAIKO) token market. 

As of now, TAIKO is trading at $2.55, showing a 3.3% decrease over the past 24 hours. With 63 million TAIKO tokens in circulation, the project’s market capitalization stands at about $162.3 million.

Vitalik Buterin’s Support for Taiko

Notably, Ethereum co-founder  Vitalik Buterin Vitalik Buterin Vitalik Buterin is a well-known tech geek, influencer, and computer programmer. To promote the blockchain, he started Bitcoin Magazine and provided blockchain information for cryptocurrency investors. In 2015, he co-founded Ethereum, a blockchain platform that contributed to decentralized finance.   Quick Facts   Full name Vitaly Dmitrievich Buterin Birth 31-01-1994, Kolomna, Russia Education University of Waterloo Wife/Partner To be updated / Not Married Famous for Ethereum, ETH, Blockchain advocate/promoter  Net Worth $1B (refer for real-time)   Buterin recognized the need for decentralized finance and used smart contracts to publish the Ethereum whitepaper.  His contributions paved the way for Ethereum's transition to Proof-of-Stake, which proved to be scalable and effective. Furthermore, he introduced Ether (ETH), the blockchain platform's native coin. A Timeline of Vitalik’s Career Co-founded Bitcoin Magazine (2011) – Established one of the first crypto publications, writing extensively on Bitcoin and blockchain. Authored Ethereum Whitepaper (2013) – Proposed a blockchain with smart contract functionality for decentralized applications (d Apps). Co-founded Ethereum (2015) – Launched Ethereum after a successful $18M ICO, revolutionizing the blockchain ecosystem. Developed Ethereum Virtual Machine (2015–2016) – Created the EVM, enabling developers to build and deploy smart contracts. Worked on Ethereum Scalability (2017–2021) – Contributed to Layer 2 solutions like Rollups, Plasma, and Sharding. Led Ethereum’s Transition to Proof-of-Stake (2018–2022) – Helped develop and implement Ethereum 2.0, merging the Beacon Chain in 2022. Blockchain Research & Cryptography (2016–Present) – Focused on zk-SNARKs, privacy tech, and decentralized governance models. Philanthropy & Crypto Advocacy (2017–Present) – Donated millions in crypto for pandemic relief, AI research, and financial inclusion. EntrepreneurCrypto and Blockchain Expert had earlier praised Taiko’s launch, highlighting its potential impact on the Ethereum ecosystem. In a message on Taiko’s first genesis block, Buterin stated that Taiko was a promising “based rollup” and emphasized the importance of diverse Layer 2 solutions for Ethereum’s growth.

Adding to the excitement, Bithumb started trading TAIKO against the Korean won on July 9. This move has sparked more interest and trading activity among investors, bringing extra attention to Ethereum Layer 2 solutions.

Even with some recent price changes, Taiko’s growing visibility, supported by Buterin’s praise, strengthens its role in improving Ethereum’s scalability.

Also Read: Ethereum Price Today: On-Chain Data Signals Bearish Trends for ETH Price in August

What Next For Taiko Price?

Taiko (TAIKO) has made a strong debut, currently trading at $2.91. Since its ICO on June 6, 2024, the token has seen a significant rise of 19.95%. Looking ahead, forecasts suggest that Taiko could reach a minimum trading value of $5.63, with potential highs of up to $8.41.