Vitalik Buterin has sold $4.3 million worth of meme coins deposited in his wallet over the past few months. Ethereum The founder used some of the money he earned from this sale to purchase and later burn Proof of Humanity’s UBI tokens.
Vitalik Empties Buterin Wallet – Sells Large Amount of Tokens
The Ethereum co-founder sold six meme coins in the form of large chunks that were deposited in his Ethereum wallet against his will. Buterin via Uniswap DEX; Aidi Inu (AIDI), Small Dog (SDOG), Jejudoge (JEJUDOGE), Baby Shiba (BHIBA), Kishu Inu (KISHU) and HuskyToken (HuskyToken) It sold for over $4.3 million.
However, due to the lack of liquidity for these niche coins, Buterin only received $1.8 million after the sale. The prices of Dogecoin (DOGE) clone meme coins have dropped. The coin that witnessed the most decline is; Baby Shiba (BHIBA) lost 72 percent.
The decreases in other coins are as follows;
- Shih Tzu: -51.5%
- Dogey-Inu: -19%
- Husky: -55.4%
- Kishu Inu: -10.2%
- Baby Shiba Inu: -10.5%
- Aidi Inu: -21.1%
Following Dogecoin’s success earlier this year, many imitators have emerged hoping to compete with it. The creators of these projects frequently deposit large amounts of tokens into Buterin’s wallet, either in the hope that the Ethereum co-influencer will give the projects legitimacy or as a marketing tactic.
As a result, Buterin periodically has to “clean” his wallet and sells such tokens. At the end of May, again, the Ethereum founder cleared his wallet, selling large sums of Shiba Inu (SHIB), Akita Inu (AKITA) and Dogelon Mars (ELON) to the market, worth a total of $63 million. As the liquidity on the exchanges dried up, Buterin began to distribute these tokens and donated nearly $1 billion in Shiba Inu (SHIB) to charities such as the India Covid Relief Fund.
While this “dog coin sale” isn’t as big as it was in May, it’s quite likely not to be the last. Buterin previously made a statement urging people to stop sending him large amounts of tokens. During the interview, Buterin emphasized that he didn’t want the “random people” who created the coin to send him coins for “marketing” purposes, but it seems that the Ethereum founder’s call didn’t work.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.