Vitalik Buterin Sells Off Dogecoin Clones: SHIB, AKITA, and Others Face Massive Dump
Vitalik Buterin, the creator of Ethereum, has sold many of his ‘dog tokens’, like SHIB & AKITA. These were sent to him in lieu of a burn.
This norm has been overturned since Vitalik has shown that he is not afraid to sell his “burned currencies.”
A Wave of Sell-Offs Across Altcoins
After Vitalik left, a slew of small-cap cryptocurrencies followed suit; all altcoins with a canine theme experienced steep declines. SHIB was falling rapidly on Binance Futures, and the owner of the SHIB contract launched KUMA, which plunged almost 95% in a matter of minutes.
Following the market-shattering incident, Vitalik started making a series of significant gifts. In addition to making many additional sizable gifts to organizations like Give Well and Charter Cities Institute, he gave over $1 billion in SHIB to the India Covid-Crypto Relief fund.
As a “proof of burn,” several of the Dogecoin clone creators transmitted the majority of the coin’s circulating supply to Buterin’s public address, betting that he wouldn’t dump them. This is the tale. They were mistaken, though. This is how the aftereffects appear.
The Reaction Of Internet’s
It has been amazing to see meme currencies climb over the past few weeks, and Vitalik’s choice to market dump his coins has generated a lot of controversy.
One group of individuals defended Vitalik as the bulwark of free-market ideas, pointing out how avaricious traders wanting to make quick money in the markets received justice. Effectively, Vitalik took a sizable portion of those earnings back and gave them to organizations that undoubtedly saved thousands of lives. The fact that very risky trades don’t always work out as expected pleases more cautious traders.
The decision by Vitalik, which they perceive as being made in bad faith (given that the coins were intended to be “burned,” and that Vitalik “should have respected it”), has angered large numbers of rookie cryptocurrency traders.
Unrealized profits worth billions of dollars have been squandered by traders; one even spent $1.6K on gas to produce the ERC-20 token “F*** Vitalik Buterin.” Projects most likely won’t ever again use Vitalik’s address as a burn wallet that much is clear.
