- 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.
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