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Vitalik Buterin again got rid of unnecessary dog ​​tokens, causing a dump

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Vitalik Buterin
Vitalik Buterin. Source: Google

Dog mania continues in the world of cryptocurrencies. Leading projects like Dogecoin a Shiba Inu they experience less attenuation. On the contrary, tokens trying to seduce the popularity of dog coins have grown by thousands percent. Vitalik Buterin decided to sell his dog ​​tokens worth $ 4.3 million.

Vitalik Buterin caused a dump of dog ​​tokens?

The founder of ETH decided to sell all dog-themed tokens worth a total of $ 4.3 million. Buterin used part of the funds to buy and burn tokens on the initiative Proof of Humanity UBI. Together, six types of dog ​​tokens were sold from his wallet, namely Aidi Inu, Small Doge, Jejudoge, Baby Shiba, Kishu Inu and HuskyToken. The trades were executed through the decentralized exchange Uniswap.

Massive Buterin sales caused quite a significant dump, which hit the Baby Shiba token the most, which fell about 72%.

USD / BHIBA

USD / BHIBA. Source: CoinGecko

The efforts of the founders of these projects were in vain. By sending tokens to the founder of ETH, they wanted to use its influence in the world of cryptocurrencies in the hope that a large number of tokens would be withdrawn from circulation. However, Buterin does not recognize this style. He has already destroyed tokens worth so much in the past $ 63 million. He then turned to charity and donated Shiba Inu tokens to the Indian Covid-19 Fight Fund.

Charity support

The latest data from the Etherscan portal show that Buterin spent almost 8% of the Proof of Humanity token purchase and burn $ 200,000. This process essentially reduced the total supply of tokens, thereby increasing the value of the tokens held by the remaining customers.

“It’s the highest form of validation you can get in a cryptospace.”

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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