On-chain data analyst Emperor Osmo has ignited controversy by alleging that the Avalanche Foundation has transferred approximately $180 million worth of AVAX tokens to Coinbase over the past six months. This figure represents about 1.88% of AVAX's circulating supply, a consistent outflow that community members and analysts believe is a primary driver behind the token's sustained price weakness.
The concerns intensified with reports of a single, massive transaction moving $104 million in AVAX to Coinbase in one go. Large transfers to centralized exchanges are widely interpreted as preparatory steps for selling, and this particular movement drew immediate skepticism from the crypto community. One user questioned, "They sent $104 million in a single transaction?", highlighting fears over near-term selling pressure.
When pressed on the source of his information, Emperor Osmo cryptically replied, "You know who," adding a layer of speculation about a potential whistleblower with privileged access. The analyst contrasted the alleged lack of transparency from the Avalanche Foundation with the public disclosure of sales by the Ethereum Foundation, which recently sold 5,000 ETH to fund operations.
The AVAX token price has suffered significantly, trading around $9.07, down 3.35% in 24 hours and more than 50% since October 2024. Community frustration points to these alleged foundation sales as a key reason the token has struggled to gain upward momentum despite broader market recoveries and positive network developments like sub-second block times and a pending CME Group futures listing.
