Vitalik Buterin has sold another $4.3 million worth of meme coins deposited into his wallet in the past few months. He used some of that money to buy and burn tokens from Proof of Humanity’s UBI initiative. The prices of the altcoin projects he left behind crashed.
Vitalik Buterin emptied his wallet, sold large sums of memecoins
The Ethereum co-founder distributed massive 6-party meme tokens that were mistakenly deposited in the Ethereum wallet. Aidi Inu (AIDI), Small Doge (SDOG), Jejudoge (JEJUDOGE), Baby Shiba (BHIBA), Kishu Inu (KISHU), and HuskyToken (HuskyToken) were cryptocurrencies sent to Buterin’s wallet. The transaction was made through Uniswap DEX and was valued at $4.3 million.
However, due to the lack of liquidity for these niche coins, the total amount Buterin received after the sale is only $1.8 million. The prices of Dogecoin (DOGE) cloned memes have been hit hard. The name with the most discount was BHIBA with 72%.
Altcoin projects try to blow Dogecoin
Following Dogecoin’s success earlier this year, many imitators have emerged hoping to compete with it. The creators of these projects often deposit large sums of tokens into Buterin’s wallet as a marketing tactic, or that the influence of the Ethereum co-founder will bring legitimacy to the projects. Therefore, the last sale is not the first time Buterin has “cleaned” his wallet and disposed of these tokens. In May, he sold a large amount of Shiba Inu (SHIB), Akita Inu (AKITA) and Dogelon Mars (ELON) to the market for a total value of $63 million at the time. As the liquidity on the exchanges dried up, Buterin started issuing these tokens and donated nearly $1 billion in Shiba Inu (SHIB) to the India Covid Relief Fund.
Buterin uses the proceeds for good
According to data from Etherscan, Proof of Humanity’s UBI spent about $200,000 buying and burning 8% of the token supply. Proof of Humanity is a project that validates human identity in a decentralized way. The project partnered with Democracy Earth to launch the Universal Basic Income initiative and distributed UBI tokens to all verified people.
Buterin burns UBI tokens, reducing the overall supply and increasing the token value of other holders. Additionally, the move marks Buterin’s support for the project. Viewers took to Twitter to describe the action as the highest form of validation one can get in the crypto space.
Finally, while this “dog sale” isn’t as big as the May previous one, according to followers, it may not be the last for Buterin. The Ethereum founder had previously issued a public announcement urging people to stop sending large amounts of tokens to him, but the petition doesn’t seem to have worked.
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