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
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

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

c21_generic_eoa_1500x600

Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.