This is not the first time that the Russian co-founder of Ethereum has cleared dog coin collections from his wallet.
Meme-based Dogecoin has inspired several other crypto dog coins of small values
Vitalik Buterin, co-founder of Ethereum, has been clearing away his collection of Dogecoin copycats like Small Doge, Baby Shiba, and Kishu Inu among others. In recent times Buterin has reportedly sold off around $4.3 million (roughly over Rs. 32 crore) worth of dog-themed meme-coins from his wallets. Some of these coins were utilised to purchase tokens from Proof of Humanity's UBI initiative, and “burn” them (pull them out of circulation). Proof of Humanity is an Ethereum blockchain-based social verification system for humans in collaboration with Klerosand Democracy Earth. Its native token is the UBI.
The Russian cryptocurrency 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 traded off. The transactions were facilitated via Uniswap, a decentralised exchange.
Since these dog coins are niche in terms of market share, their values are affected by lack of liquidity. As per a report by Bitcoinuponly, the total amount collected by Buterin came close to $1.8 million (roughly Rs. 13 crore) instead of the full market price.
Several dog coins have witnessed significant drops in their values in recent days. Baby Shibu has recorded the worst price dip of 72 percent. The coin is presently trading at $0.00000183 (roughly Rs. 0.00014)
Buterin is known for swapping his dog coins for funds that he invests in areas related to community service.
Earlier in May, when the world was gripped with the horrific second wave of the Coronavirus pandemic, Buterin had cleared his wallet off and donated $1 billion worth (roughly Rs. 7,485 crore) Shiba Inu tokens to India's COVID relief fund.
He has also just given dog tokens away once liquidity on exchanges have run out.
His transaction data from Etherscan shows he spent almost $200,000 (roughly Rs 1 crore) in buying and burning 8 percent of Proof of Humanity's UBI token supply – adding to the value of existing tokens.
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