Dog-themed tokens see an abrupt end to their demonstrations as Vitalik Buterin winds up his positions and gives money to charity.
A dog trend of cryptocurrency chart racing stopped abruptly in May 12th, with Etherium (ETH) Co-founder Vitalik Buterin being the key guilty behind the selloff. The majority of the hot meme tokens like Shiba Inu (SHIB) and Dogelon Mars (ELON) have seen their prices fall more than 40%.
Cointelegra Markets & TradeView statistics show that SHIB’s price decreased by 40% and traded now nearly $0.00002, whilst Akita Inu’s (AKITA) price decreased by 50%, with ELON falling by 90%.
Some observer crypto experts observed major movements on Wednesday from the Buterin wallet. This was one of the main developments when the co-founder of Ethereum Network removed liquidity from the SHIB liquidity pool on Uniswap and started to sell token cells.
Within the morning, Buterin’s wallets made several swaps and transfers of tokens, resulting in price dumps for the canine package and also leading to an increase in charges on the network Ethereum as traders searched for income.
Although some of the traders who have recently joined the tokens have probably been salty about the option of Buterin to sell, the broader crypto community welcomed the decision because the recent buzz around the coins that deal theme of the Etheruem network has increased this week’s transaction costs.
The fact that, instead of a well-known anonymous developer rug pull, funds from meme token sales are being donated to various charities including the Gitcoin, Give Well and India Covid relief fund is also likely to be less reactive to sales.