- Vitalik Buterin transferred 2 trillion SHIBA INU tokens worth over $40 million from Uniswap.
- Shiba has fallen by over 30% in the last few hours
The crypto community woke up to a bleeding market with the likes of Bitcoin and Binance Coin losing a considerable amount of their value. However, these top coins pale in comparison to SHIBA INU, Akita Inu, and Dogelon Mars which saw massive drops.
Vitalik Buterin, the co-founder of Ethereum is the major culprit, having transferred 2 trillion SHIBA INU tokens worth over $40 million from Uniswap. SHIBA INU has in response dropped by 30 percent in the last few hours. The project’s developers had previously sent about 50% of the total supply of the asset to Buterin, making him the largest single SHIB holder.
According to their whitepaper, SHIBA INU developers intended to burn the tokens to cause a price surge, being the reason for sending them to the Ethereum co-founder. However, this hasn’t panned out.
The “wallet cleaning exercise” also affected Akita Inu after Buterin traded about 50 billion of the token for ETH according to Etherscan. The Akita Inu price has in the past few hours dropped by 48 percent. Dogelon Mars (ELON) was affected massively as well with over 90 percent drop in price after Buterin swapped 40 trillion of the asset for 619 ETH.
A massive dump, but for a good cause
A closer look at Vitalik’s activities revealed that he sent 500 ETH to the Covid-Crypto Relief Fund of India. In addition, 1,000 ETH was sent to a Coinbase wallet associated with the Methuselah Foundation, a medical charity foundation. Gitcoin, an Ethereum-based foundation for open source development, received over $500 million worth of Akita tokens. GitWell also benefitted from Buterin’s donation, receiving $53 million in ETH.
The recent happenings are in line with the comment of a blockchain enthusiast identified as Squanch, who said Buterin would sell the tokens whenever he pleases, contrary to popular opinion that he was unlikely to touch them.
Vitalik Buterin can technically sell his SHIBA INU whenever he wishes. The only prevention would be to burn the private key to his wallet.
SHIBA INU is dubbed as the “Dogecoin killer”, but runs on the Ethereum blockchain. The meme coin currently has no underlying use case but is a reflection of the kind of bull market we are in where every other asset is shooting up in value. SHIBA INU has a circulating supply of 394 trillion and a market cap of $7 billion. The recent dump has forced its price to trade at $0.00001917.