Vitalik Buterin “dumped” many dog-themed meme coins that he had never wanted. While the market’s focus is on bitcoin’s new all-time high, the Ethereum co-founder caught the attention of Crypto Twitter after he sent trillions of canine-themed tokens away from his public wallet, according to blockchain data.
Dogecoin (DOGE), the meme coin represented by a Shiba Inu dog, is the inspiration for the tokens.
According to Etherscan, none of the amounts were worth more than $800,000 at the time of the transactions, despite the alarmingly large quantities.
Anyone can send assets to publicly known addresses in a permissionless system. The recipient’s use of those assets is likewise not subject to the lender’s approval.
According to CoinMarketCap, the majority of these tokens were in the red at the time of publication. The loss for baby Shiba was particularly severe: the token’s price had dropped by roughly 70% in the previous 24 hours.
Meme coins developers are known in the crypto community for sending big quantities of their tokens to Buterin. Shiba Inu (SHIB), a self-proclaimed “dogecoin killer,” was a pioneer in this marketing ploy.
After the project’s developer handed half of SHIB’s total supply to him without asking, the Ethereum co-founder burned 90% of his SHIB holdings and donated the remainder to charities.
Buterin’s motive for dumping meme tokens is unknown, but it hasn’t prevented others from sending him additional dog-themed tokens.
At the time of publication, four more meme coins have been sent to Buterin’s wallet: floki pup, Saiba Inu (not Shiba Inu), and misty Inu.