• Vitalik Buterin used the proceeds after selling several dog-themed coins to buy and burn Proof of Humanity's UBI Project tokens. 
  • The Dogecoin spin-offs' price plunged significantly due to lack of liquidity; Baby Shiba token price dropped 72%. 
  • Previously Buterin has attempted to trade dog-themed cryptocurrencies on exchanges like Uniswap; however, liquidity runs out soon. 

Vitalik Buterin, the co-founder of Ethereum, sold several dog-themed cryptocurrencies and Dogecoin spin-offs yet again. Buterin's activities influenced a price drop in Baby Shiba tokens due to a lack of liquidity on decentralized exchanges like Uniswap.

Buterin shed the weight of dog-themed cryptocurrencies, triggered massive price drop

Vitalik Buterin receives a large number of tokens of dog-themed cryptocurrency projects, in the hope of gaining validity and legitimacy by associating with him. Shiba Inu token, famous as the Dogecoin-killer, is one such project. In May 2021, Buterin attempted to trade SHIB and exchange the tokens for other cryptocurrencies. 

Soon enough, the decentralized exchanges where Buterin traded ran out of liquidity, and the Ethereum co-founder decided to donate the tokens instead. Buterin donated over 50 trillion SHIB tokens (worth $1 billion at the time) to India's Covid-relief fund. He sent $490 million worth of AKITA to Gitcoin and $215,000 worth of ELON to the Methuselah Foundation. 

Earlier today, Buterin started selling his SHIH, DINU, KISHU and BHIBA holdings in exchange for Ethereum (ETH), Curve DAO (CRV) and Fantom (FTM). The crypto billionaire had previously warned project developers, 

For anyone making coins (or daos, or whatever else) in the future, PLEASE DO NOT GIVE ME COINS OR POWER IN YOUR PROJECT WITHOUT MY CONSENT!

However, sending tokens to Buterin remains a widespread practice in the crypto community. Recent Etherscan transactions reveal that dog-themed cryptocurrencies Shih Tzu (SHIH), Dogey Inu (DINU), Kishu Inu (KISHU) and Baby Shiba (BHIBA) were sold.

Buterin sold 200 trillion SHIH, 180 trillion DINU, 224 trillion KISHU and 373 trillion BHIBA tokens. A majority of these dog-themed tokens noted a steep drop in price following the sell-off. BHIBA price dropped over 70% after Buterin's transaction, and other tokens dropped by at least 10% in a single day. 

Exchanging these tokens for ETH, CRV and FTM, Buterin made $1.8 million, of which he deployed 50% to buying and burning Proof of Humanity's UBI (Universal Basic Income for Humans) project tokens. Proponents recognized Buterin's move as a validation of the project's potential. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Are your bags packed for FOMO Season?

Are your bags packed for FOMO Season?

Crypto markets shows strength to start the second trading week of August, and key levels have been identified. Although it's still early market, current prices may be the ultimate discount in hindsight. BTC follows through on the bullish technicals mentioned in previous outlooks. ETH continues to display strength in the market. XRP seems poised for a rally. Invalidation of the up trend is vital.

More Cryptocurrencies News

Bitcoin price ekes out a 15% move as whales return

Bitcoin price ekes out a 15% move as whales return

BTC reaffirms a triangle breakout to $28,000 after surpassing $24,000. Whales holding 1,000 and more coins grow to 2,051 from 2,040 in a week. Bitcoin price is required to make a daily close above $24,000 to reinforce the move to $28,000.

More Bitcoin News

3 Reasons why Dogecoin price is ready to go ballistic

3 Reasons why Dogecoin price is ready to go ballistic

Dogecoin price sits on the edge of a 26.23% climb to $0.0888. Elon Musk believes DOGE has a larger total transaction capability than Bitcoin. Mark Cuban is confident that Dogecoin potentially has more applications compared to Cardano.

More Dogecoin News

Cardano price edges closer to a massive breakout after months of trying

Cardano price edges closer to a massive breakout after months of trying

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate where ADA could be heading next. 

More Cardano News

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin: If bulls lose control here, BTC could revisit $21,000

Bitcoin price shows an interesting setup that could reveal its next move. On closer inspection,  its technicals support a bearish outlook for the leading crypto.  

Read full analysis