Vitalik Buterin, the co-founder of Ethereum (ETH), has been clearing off his collection of Dogecoin copycats such as Small Doge, Baby Shiba, Kishu Inu, among others. All the dog-themed meme coins sold off by Buterin are worth relatively $4.3 million.
As a report has it, some of these coins were used to purchase tokens from Proof of Humanity’s UBI initiative and taken out of circulation.
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The Russian-Canadian crypto pioneer seemingly sold off huge numbers of six dog coins that were gifted to his Ethereum wallet. Aidi Inu, Jejudoge, and HuskyToken were also among the coins he sold. The transactions were facilitated via Uniswap, a decentralized exchange.
Vitalik selling his dog coins lmao pic.twitter.com/XNX4kEIwYo
— Sebastian (@sebirocs) October 19, 2021
Since these dog coins are niche in terms of market share, their values are affected by a lack of liquidity. According to a report by Bitcoinuponly, the total amount collected by Buterin came close to $1.8 million instead of the full market price.
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Several dog coins have witnessed a notable price drop in recent days. Baby Shiba has recorded the worst price dip of 72%. The coin is presently trading at $0.000001388.
Buterin is accustomed to swapping his dog coins for funds that he invests in areas related to community service. Earlier in May, when the world was battling the horrific second wave of the COVID-19, Buterin had cleared his wallet off and donated $1 billion worth of Shiba Inu tokens to India’s COVID relief fund.
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His transaction data from Etherscan shows he spent almost $200,000 in purchasing and burning 8% of Proof of Humanity’s UBI token supply, adding to the value of existing tokens.
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