To verify the veracity of this report, I would need access to real-time market data and news, which I do not have in my capacity as an AI language model. But I can tell you a little bit about Vitalik Buterin and his connection to cryptocurrency in general. Ethereum, one of the biggest and most widely used public blockchains, was co-founded by famous cryptocurrency figure Vitalik Buterin. While he has earned acclaim for his contributions to the Ethereum project, he has also voiced criticism of the industry as a whole, particularly the “meme coin” craze.
Even Buterin, an avid investor in the cryptocurrency market, has been known to liquidate some of his holdings in select coins before anticipated market shifts. This may be done for a variety of reasons, including the reduction of risk or the taking of advantage of price swings. The choice to acquire or sell any given cryptocurrency rests solely with the investor and is influenced by a wide range of factors, including investing objectives, tolerance for risk, and economic conditions. Investors should undertake their own due diligence and weigh the dangers before putting money into any cryptocurrency.
Tossing Around Puppy Coins, That’s What Vitalik Buterin’s Been Doing
Many coins have used a purposeful meme coin-gifting approach aimed towards Ethereum co-founder Vitalik Buterin. Vitalik was given a large 50% of Shiba Inu coins, sending their value plummeting as he sold them. Polygon, a blockchain scaling play, caused over $1 billion in SHIB to be transferred to a relief fund for the new coronavirus in India.
A slew of imitators have sprouted this year after the popularity of meme tokens like Dogecoin. Because of the lack of tokens available on exchanges, Buterin began distributing them for free, most notably gifting $1 billion in Shiba Inu tokens to the India Covid-Relief Fund. The creators of these companies frequently “token burn” significant sums of their tokens by sending them to Buterin’s wallet in the hopes that his high profile will add credibility to their projects. It’s not the first time Buterin has gotten rid of unwanted tokens. Back in May, Buterin dropped $63 million worth of Shiba Inu, Akita Inu, and Dogelon Mars into the market.
Buterin is already putting the money from his newest token sale to good use. He spent about $200,000 buying and destroying 8% of Proof of Humanity’s UBI token supply, as evidenced by transaction data on Etherscan. This project is providing UBI tokens to all human users after launching a Universal Basic Income programme in conjunction with Democracy Earth. The purpose of Proof of Humanity is to provide a decentralised method of confirming individual identities.
Buterin increases the value of the tokens held by other people by decreasing the quantity by burning the UBI tokens. The value of petcoins plummeted within a few of hours. Dogelon Mars lost almost 95% of its value before beginning to recover. Moreover, this action shows Buterin’s confidence in the venture, with onlookers hailing it as “the highest form of approval someone can get in the crypto sector” on Twitter.
Despite the drop, the authors of the Shiba Token issued a statement in support of the move, in which they insisted that Buterin was not “dumping” the token. As they put it on Twitter, he “simply provided tremendous validity” to the token, showing that it wasn’t just a joke. . Etherscan believes that Buterin’s greatest donation to the India Crypto Covid Relief Fund, 50 trillion SHIB, was valued little over $1 billion at the time of the transaction. The value of SHIB fell by 30% in about an hour. If the price of cryptocurrency continues to fall, the India Crypto Covid Relief Fund wants to convert donations into fiat currency slowly and gradually to preserve their worth.