Dog day afternoon as Vitalik dumps multiple memecoins in the name of charity
Dog-themed meme tokens see a brutal end to their rallies as Vitalik Buterin liquidates the positions he was gifted and donates whole to charity.
The meme coins had raced on the charts came to an abrupt halt on May 12 as these dog-themed tokens including Shiba Inu (SHIB) and Dogelon Mars (ELON) saw their prices dropped approximately 40% as Ethereum (ETH) co-founder Vitalik Buterin emerging as the main culprit behind the selloff.
Market data shows that the price of SHIB has fallen 40% and now trades near $0.00002 while the price of Akita Inu (AKITA) has declined 50% and ELON has collapsed by a record-breaking 90%.
Some within the crypto space noticed large movements coming from the wallet of Buterin in the early trading hours on Wednesday, with one of the most significant developments coming when the Ethereum network co-founder removed the liquidity from the SHIB liquidity pool on Uniswap and began selling tokens.
During the late morning, wallets owned by Buterin were observed making numerous swaps and token transfers that resulted in price dumps for the canine-themed pack and also led to a spike in fees on the Ethereum Network as traders scrambled to lock in profits.
As several traders who recently piled into the tokens are likely salty about Buterin’s choice to sell, the wider crypto community applauded the move as the recent hype surrounding the dog-themed coins has driven up transaction costs on the Etheruem network this week.
Vitalik is also likely to face less backlash from the sales due to the fact that instead of an anonymous developer rug pull that crypto is known for, funds from the meme token sales have been donated to various charities including Gitcoin, Give Well, and India Covid relief fund.