$ETH Create parallel foundation of Ethereum to bring its price to $10,000

The Ethereum Community Foundation aims to increase the price of ether with strategies such as burning coins and giving a voice to validators

A new entity emerges in the Ethereum ecosystem. Source: Grok.

The new entity questions the funding model of the Ethereum Foundation.

"Bringing ETH to $10,000 is a requirement. Not a meme," stated a developer.

On July 1, during a conference in Paris, France, participants of the Ethereum ecosystem presented a new body for the smart contracts network: the Ethereum Community Foundation (ECF). This initiative aims to redirect Ethereum's focus towards the value of its native cryptocurrency, ether (ETH).

The ECF arises with the premise that "the price of ETH has been ignored for too long. The ECF is here to change that," according to its official website.

In that same vein, Zak Cole, a developer and one of the promoters of the new project, emphasized that "the Ethereum Foundation (EF) will not say it. So we did. Bringing ETH to $10,000 is a requirement. Not a meme."