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Dog-themed tokens’ rallies come to an immediate halt when Vitalik Buterin liquidates the places he was given and donates the proceeds to charity.
On May 12, a number of the previously hot meme tokens, including Shiba Inu (SHIB) and Dogelon Mars (ELON), saw their prices drop more than 40%, with Ethereum (ETH) co-founder Vitalik Buterin emerging as the key culprit behind the selloff.
In the early trading hours of Wednesday, a host of observant crypto pundits observed big transactions emanating from Buterin’s wallet, with one of the more important changes coming when the Ethereum network co-founder withdrew liquidity from the SHIB liquidity pool on Uniswap and started selling tokens.
— Crypto Mac ❄️🐺 (@MacnBTC) May 12, 2021
As the morning continued, Buterin’s wallets were seen making various swaps and token transactions, resulting in price drops for the canine-themed pack and an increase in Ethereum Network fees as traders rushed to lock in gains.
Although some traders who recently poured into the tokens are likely to be irritated by Buterin’s decision to divest, the broader crypto community applauded the move, as the latest speculation around the dog-themed coins has pushed up trading costs on the Etheruem network this week.
— BITCOIN GURU (@talkwthme) May 12, 2021
Buterin 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.