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


www.coindesk.com 12 May 2021 19:17, UTC
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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 re-gifted tokens sent to him by the creators Shiba Inu coin (SHIB), Dogelon (ELON) and Akita Inu (AKITA).

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.

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

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

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 of volume in the last 24 hours.

This is a developing story and will be updated.

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