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Ethereum Co-Founder Vitalik Buterin Cleans Wallet From Doge Crypto Worth $4.3 Million



Ethereum co-founder Vitalik Buterin is removing his collection of Dogecoin copycats such as Little Doge, Baby Shiba and Kishu Inu. In recent days Buterin has reportedly sold dog-themed meme-coins worth around $4.3 million (approximately over Rs 32 crore) from his wallet. Some of these coins were used to buy tokens from Proof of Humanity’s UBI initiative and “burn” them (put 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 UBI.

The Russian cryptocurrency pioneer sold a large number of six Dogecoin coins that were gifted to his Ethereum wallet. Edi Inu, Jejudoge, and Haskitoken were also among the coins they traded. Transactions were facilitated through a decentralized exchange, Uniswap.

Since these dogecoins are niche in terms of market share, their value is affected by the lack of liquidity. According to a report from Bitcoinuponly, the total amount collected by Buterin came to closer to $1.8 million (about Rs 13 crore) instead of the full market value.

Several dog coins have seen a significant drop in value in recent times. The worst fall in the prices of Baby Shibu has been recorded at 72 per cent. The coin is currently trading at $0.00000183 (approximately Rs.0.00014).

Buterin is known to swap his Dogecoin coins for money that he invests in areas related to community service.

Earlier in May, when the world was in the grip of a terrible second wave of the coronavirus pandemic, Buterin cleaned his wallet and donated $1 billion (about Rs 7,485 crore) Shiba Inu tokens to India’s COVID Relief Fund.

They have just given out Dogecoin tokens after the liquidity on the exchanges ran out.

His transaction data from Etherscan shows that he spent around $200,000 (approximately Rs 1 crore) buying and burning 8% of Humanity’s UBI token supply – increasing the value of existing tokens.

Interested in cryptocurrency? We discuss all things Orbital with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.


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