Ethereum Co-Founder Vitalik Buterin’s Actions Trigger Sell Off of Shiba Inu, Akita Inu & Dogelon Mars
The crypto world awoke to a steep decline, with famous coins like Bitcoin and Binance Coin losing significant value. The decline of these major cryptos, however, pale in contrast to the dramatic fall in SHIBA INU, Akita Inu, and Dogelon Mars.
The primary reason for the downtrend in the crypto market was Vitalik Buterin, the co-founder of Ethereum, who moved 2 trillion SHIBA INU tokens valued more than $40 million from Uniswap.
Following the transfer, SHIBA INU’s price has plunged by 30%. Buterin had earlier received almost half of the overall supply of the aforesaid crypto asset from the project’s developers, giving him the credit of being the single largest SHIB holder.
As per their whitepaper, the creators of SHIBA INU decided to burn the crypto tokens in order to trigger a price spike, which is why they sent them to Buterin. This, though, hasn’t worked out. As per data provided by Etherscan, the “wallet cleaning exercise” also influenced Akita Inu after Buterin exchanged around 50 billion of the cryptocurrency for ETH.
The price of an Akita Inu has fallen by 48% in the last few hours. Dogelon Mars (ELON) was also severely impacted, with a price decline of more than 90% after Buterin exchanged 40 trillion of the digital asset in exchange for 619 ETH.
A closer examination of Vitalik’s actions showed that he donated 500 ETH to the India-based Covid-Crypto Relief Fund. Furthermore, 1,000 ETH was forwarded to a Coinbase wallet linked to the Methuselah Fund, a medical charity. Gitcoin, an Ethereum-based open-source computing foundation, was awarded more than $500 million in Akita tokens.
Buterin’s contribution has benefited GitWell, which received $53 million in ETH. The recent events are consistent with a statement made by a blockchain enthusiast known only as Squanch, who said that Buterin would dump the tokens anytime he could, contrary to public belief that he would not.
“Vitalik Buterin can technically sell his SHIBA INU whenever he wishes. The only prevention would be to burn the private key to his wallet.”
SHIBA INU, nicknamed the “Dogecoin killer,” is a cryptocurrency that runs on the Ethereum blockchain. The meme coin actually has no utility value, but it is a representation of the kind of bull market we are seeing, in which any altcoin will appreciate. SHIBA INU commands a market cap of $7 billion and have a liquidity of 394 trillion. The cryptocurrency’s price has plunged to $0.00001917 as an outcome of the latest selloff.