Vitalik Buterin sold off dog coins he received in his Ethereum wallet, netted over $1.8 million
Vitalik Buterin has sold off another $4.3 million worth of meme coins deposited into his wallet over the past few months. He used some of that money to buy and burn tokens from Proof of Humanity’s UBI initiative.
Vitalik Buterin emptied his wallet, sold a large amount of coin meme
The Ethereum co-founder sold a large batch of six meme coins accidentally deposited into his Ethereum wallet. He made transactions through Uniswap DEX, accidentally dumping Aidi Inu (AIDI), Small Doge (SDOG), Jejudoge (JEJUDOGE), Baby Shiba (BHIBA), Kishu Inu (KISHU), and HuskyToken (HuskyToken) with a total value of more than $4.3 million.
However, due to the lack of liquidity for these niche coins, the total amount that Buterin received after the sale was only about $1.8 million. The prices of Dogecoin (DOGE) cloned memes have been hit hard. And the name with the most discount is BHIBA, 72%.
BHIBA/USD chart | Source: CoinMarketCap
Following the success of Dogecoin earlier this year, many imitators have sprung up, hoping to compete with it. The creators of these projects often deposit large amounts of tokens into Buterin’s wallet, hoping that the influence of the Ethereum co-founder will bring legitimacy to the projects or simply as a marketing ploy.
Therefore, this is not the first time Buterin has “cleaned up” his wallet and sold off these tokens. In May, he sold a large amount of Shiba Inu (SHIB), Akita Inu (AKITA), and Dogelon Mars (ELON) to the market with a total value of $63 million at the time. As liquidity on the exchanges dried up, Buterin started giving away these tokens, donating around $1 billion Shiba Inu (SHIB) to the India Covid Relief Fund.
Buterin has begun using the proceeds for good causes. According to data from Etherscan, he spent nearly $200,000 buying and burning 8% of Proof of Humanity’s UBI token supply. Proof of Humanity is a project that verifies human identity in a decentralized way. The project has partnered with Democracy Earth to launch the Universal Basic Income initiative, distributing UBI tokens to all verified people.
By burning UBI tokens, Buterin reduces the total supply, increasing the value of other holders’ tokens. Additionally, the move signals Buterin’s support for the project. Viewers took to Twitter to describe the action as the highest form of validation someone can get in the crypto space.
While this “dog sale” isn’t as big as the previous one in May, it may not be the last. Buterin previously posted a public announcement, urging people to stop sending him large amounts of tokens, but it seems the petition doesn’t seem to work.
Read more:
- Ethereum Co-Founder Vitalik Buterin Has Burnt 90% Of The Remaining Shiba Inu (SHIB) Token In His Wallet
- Vitalik Buterin Said He Loves Dogecoin And Has Suggested A Doge-To-Ethereum Bridge For Scalability