Blockchain

In the afternoon of Dog Day, Vitalik abandoned multiple memecoins in the name of charity

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The dog-themed cryptocurrency chart competition stopped abruptly on May 12th because most of the previously popular meme tokens, including Shiba Inu (SHIB) and Dogelon Mars (ELON), and Ethereum (Ethereum) ) Prices fell by more than 40% (ETH) Co-founder Vitalik Buterin became the culprit behind the sell-off.

Data from United Electrographics Market with Transaction view It shows that the price of SHIB has fallen by 40%, and the current transaction price is close to $0.00002, while the price of Akita Inu (AKITA) has fallen by 50%, and the price of ELON has fallen by 90%.

4-hour chart of SHIB/USDT and ELON/USDT and AKITA/USDT. source: Transaction view

Many observed crypto experts noticed that there was a large transaction in the Buterin wallet in the early trading on Wednesday. One of the most important developments was that the co-founder of the Ethereum network removed liquidity from Uniswap’s SHIB liquidity pool and started Sell ​​tokens.

As the morning progressed, it was observed that the wallet owned by Buterin had undergone multiple swaps and token transfers, resulting in a drop in the price of the dog-themed packaging, and the Ethereum network’s fees soaring as traders scrambled to lock in profits.

Although some traders who have recently poured into tokens may feel a bit salty about Buterin’s choice, as the recent hype around dog-themed coins has pushed up transaction costs on the Etheruem network this week, the broader crypto community This move is appreciated.

The average Ethereum gas price for Ethereum. source: Ethernet scan

Since anonymous developers who are not known for cryptocurrency pull the carpet, the funds from the meme token sale have been donated to various charities, so Buterin is also likely to face less rebound from sales Gitecoin, Ok Covid Relief Fund of India.

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