Vitalik Buterin Dumps DHN: Is This the End for Dohrnii?
Vitalik Buterin, the founder of Ethereum, momentarily left some token holders suffering significant losses. Vitalik sold 5,000 tokens for $124,000 on Tuesday, March 18, causing the price of Dohrnii (DHN) to plunge 46% from $38.505 to as low as $20.699. In a post on X, market analyst Spot On Chain highlighted this trend.
On January 29, Vitalik 10,000 DHN was sent for free by Dohrnii Labs. This is a standard procedure for Ethereum-based initiatives, usually meme coins, looking to use the influence of the well-known blockchain developer to raise awareness of their project.
Ethereum Founder to Crypto Projects: Donate to Charity, Not Me!
The founder of Ethereum has cautioned projects over the years not to transfer tokens to him, instead advising them to make charitable donations directly. He said that every token that is sent to him eventually ends up going to charity. For instance, Buterin used a variety of free animal-themed meme coins to donate $530,000 to the Welfare Fund of the Effective Altruism Funds in August 2024.
However, some projects continue to ignore it, as highlighted by Dohrnii Labs’ decision to send tokens to Buterin in January. After Buterin sold on Tuesday, he still has 5,000 DHN, valued at around $190,000, according to Etherscan statistics.
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