Vitalik's Regift of Unsolicited DOGE Knockoffs Sends Memecoin Prices Plunging

The Ethereum creator has turned a memecoin marketing stunt on its head.

AccessTimeIconMay 12, 2021 at 7:05 p.m. UTC
Updated Sep 14, 2021 at 12:54 p.m. UTC

Vitalik Buterin has told dog-themed memecoin creators to bark up another tree.

In a move that captivated the attention of Crypto Twitter on Wednesday, the Ethereum founder regifted tokens sent to his public wallet by the creators of Shiba Inu coin (SHIB), dogelon (ELON), Akita Inu (AKITA), mwDOGE (mwDOGE) and OURSHIB (OSHIB), blockchain records show.

Notably, Buterin donated 50 trillion SHIB tokens (worth a nominal $1.2 billion at press time) to the India Covid Relief Fund kicked off by Polygon founder Sandeep Nailwal late last month. He also sent about $431 million of AKITA to Gitcoin, a public Ethereum-based fundraising platform, according to Etherscan.

CoinDesk - Unknown

Blockchain record showing transfer of SHIB tokens to an Indian COVID relief fund.

Memecoin creators have been sending large amounts of their tokens to the Ethereum figurehead in recent days. CryptoSlate reported Monday Vitalik was sent trillions of SHIB tokens worth over $8 billion at one point.

We will explore layer 2 solutions to Ethereum's scalability issues in the Foundations track at Consensus by CoinDesk, our virtual experience May 24-27. Register here.

The memecoin mania has caused Ethereum gas fees to surge to staggering highs, perhaps animating the network's founder to strike back.

With a multibillion-dollar net worth, Buterin can afford to be generous with tokens sent to him permissionlessly.

SHIB is down roughly 38% since Buterin started unloading but still boasts a market cap of $9 billion, according to CoinMarketCap.

The coin has had more than $7 billion in volume in the last 24 hours.

CoinDesk - Unknown

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Bitcoin Recovers Above $20K as Short ETF Sees Record $51M in Weekly Inflows

A ProShares product to bet against rising bitcoin prices saw millions of dollars in inflows last week.

CoinDesk - Unknown
2
CoinDesk - Unknown
Huobi Tech Subsidiary Is Granted US Money Transfer License

The license opens the door for the brokerage unit to offer cryptocurrency transactions in the future.

CoinDesk - Unknown
3
CoinDesk - Unknown
Ethereum DeFi Service Porter Finance Shutters Bond Platform, Citing Lack of 'Lending Demand'

The venture capital-backed Porter Finance said the lack of “institutional fixed income DeFi adoption” drove its decision.

CoinDesk - Unknown
4
CoinDesk - Unknown
Meta Affirms Digital Collectibles Plan Despite Crypto Crash: Report

New fintech head Stephane Kasriel said the company's plans to bring NFTs to its users have not changed "in any way."

CoinDesk - Unknown