Vitalik Buterin, the co-founder of Ethereum, purges his wallet of $4.3 million in dog cryptos.

Vitalik Buterin, the co-founder of Ethereum, has been purging his collection of Dogecoin knockoffs, including Small Doge, Baby Shiba, and Kishu Inu. Buterin is said to have sold over $4.3 million (around Rs. 32 crores) worth of dog-themed meme-coins from his wallets recently. Some of these coins were used to buy Proof of Humanity’s UBI tokens, which were then “burned” (pull them out of circulation). In partnership with Klerosand Democracy Earth, Proof of Humanity is an Ethereum blockchain-based social verification mechanism for humans. The UBI is its native token.

The Russian cryptocurrency pioneer appears to have traded large quantities of six dog coins that had been gifted to his Ethereum wallet. Among the coins he exchanged were Aidi Inu, Jejudoge, and HuskyToken. Uniswap, a decentralized exchange, was used to facilitate the trades.
Due to their small market share, the value of these dog currencies is affected by a lack of liquidity. According to a post by Bitcoinuponly, Buterin earned close to $1.8 million (approximately Rs. 13 crores) rather than the full market price.

In recent days, the value of certain dog currencies has plummeted dramatically. The price of Baby Shibu has dropped by 72 percent. The price of the coin is currently $0.00000183. (roughly Rs. 0.00014)
Buterin is known for exchanging his dog coins for monies that he puts towards community service projects.

Buterin had cleansed his wallet in May when the globe was gripped by the devastating second wave of the Coronavirus outbreak and contributed $1 billion (approximately Rs. 7,485 crores) in Shiba Inu tokens to India’s COVID relief fund.
He’s also recently given free dog tokens when exchange liquidity has run out.

According to Etherscan transaction data, he spent about $200,000 (approximately Rs 1 crore) buying and destroying 8% of Proof of Humanity’s UBI token supply, hence increasing the value of existing tokens.

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