Ethereum creator Vitalik Buterin has exited meme cash but once more, promoting two totally different tokens in just some hours, as per Onchain Lens. On-chain information exhibits the well-known crypto developer offloaded 150 billion Puppies tokens for 28.58 ETH equal to about $114,000 and 1 billion ERC20 tokens for $13,900 in USDC.
The sums are small within the grand scheme of Ethereum, however the motion is all too acquainted. Again in 2021, Buterin received billions of Shiba Inu (SHIB) tokens from the undertaking’s creators, then despatched an enormous chunk of it to India’s aid fund and burned the remainder.
That call despatched the SHIB group right into a state of shock, worn out a part of its provide and, regardless of the sell-off stress, grew to become one of many greatest hype tales of that bull run, pushing SHIB deeper into the general public eye and cementing its place in crypto historical past.
Will Shiba Inu coin story repeat itself?
It stays to be seen if this week’s gross sales will present the identical sample. Buterin would not preserve meme tokens in his wallets for lengthy. ERC20 took a 70% hit after his transactions, and Puppies, which had been within the highlight not too long ago, confronted further scrutiny as soon as the gross sales have been recorded on the blockchain and unfold throughout buying and selling teams.
The upshot is all the time the identical: Each time Vitalik Buterin will get meme cash, he finally ends up promoting them, and the market reacts immediately.
For merchants, it is simply one other reminder that tokens linked, even not directly, to Ethereum’s creator do not assure long-term holding, irrespective of how a lot short-term hype surrounds them.