Vitalik Buterin cleans meme coins from Ethereum wallets and lets prices drop

Vitalik Buterin has sold an additional $ 4.3 million in meme coins over the past few months that have been deposited into his wallet. He used some of that money to buy and burn tokens from Proof of Humanity’s UBI initiative.

Vitalik Buterin cleans his wallet

The Ethereum co-founder sold a large amount of six meme coins that were accidentally deposited into his Ethereum wallet. He made trades on the Uniswap DEX exchange and published large quantities of Aidi Inu (AIDI), Small Doge (SDOG), Jejudoge (JEJUDOGE), Baby Shiba (BHIBA), Kishu Inu (KISHU) and Husky (HUSKY) with a total value of more than $ 4.3 million.

However, due to the lack of liquidity for these niche coins, the total amount Buterin received after the sale was only about $ 1.8 million. Dogecoin (DOGE) clone coin prices were hit hard with AIDI -33%, SDOG -35%, JEJUDOGE -49%, KISHU -1.8%, HUSKY -47%, all within the 24 hour period. And the name with the most discount is BHIBA -72%.

USD / BHIBA chart | Source: CoinGecko

Following the success of Dogecoin earlier this year, many copycat projects have sprung up in the hope of being able to compete with it. The creators of these projects often deposit large amounts of tokens in Buterin’s wallet in the hope that the influence of the Ethereum co-founder will give the projects legitimacy or simply as a marketing ploy.

As such, this is not the first time Buterin has “cleaned up” his wallet and sold those “junk” tokens. In May he sold a large amount of Shiba Inu (SHIB), Akita Inu (AKITA) and Dogelon Mars (ELON) for a total value of $ 63 million at the time. When liquidity on the exchanges dried up, Buterin began donating these tokens, typically around $ 1 billion Shiba Inu (SHIB), to the Covid India Relief Fund.

Buterin has started to use the proceeds for good causes. According to data from Etherscan, he spent nearly $ 200,000 buying and burning 8% of Proof of Humanity’s UBI token offering. Proof of Humanity is a project that verifies human identity in a decentralized manner. The project has partnered with Democracy Earth to launch the Universal Basic Income initiative, which will distribute UBI tokens to all verified people.

By burning UBI tokens, Buterin reduces the overall supply and increases the value of the tokens for other holders. In addition, the move signals Buterin’s support for the project. Many describe this act as the highest form of validation a project in the crypto space can receive.

This “dog sale” is not as big as the one in May, but maybe not the last. Buterin previously posted a public notice urging people to stop sending large amounts of tokens to his wallet, but it appears the appeal did not work.

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