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Vitalik Buterin Does It Again, Token DIE On Route To Flip THE?
A new token was born after the inventor of Ethereum, Vitalik Buterin, tweeted about DIE. Previously, Buterin joked about launching a project called “THE Protocol,” The community took it about themselves to mint it and boosted its value.
Across social media, people are starting to speculate on DIE, the article “The” written in german, flipping THE. Despite the persistent bear market, which has led Bitcoin and Ethereum to crash 80% from their all-time high, the meme coin movement seems alive and well, directly or indirectly supported by Vitalik Buterin.
APED $DIE due to Vitaliks tweet. My friend Faust the dev launched so its safu
130k mcaphttps://t.co/RgTcYkDtcahttps://t.co/5Di7fM9L9O
— Wabi Wabi (@WabiWabii) October 20, 2022
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview
Vitalik Buterin Fuels Meme Coins Prices As Crypto Market Stalls
The crypto bear market is pushing traders and market participants to the edges of boredom, allowing these new tokens to capture attention. When Bitcoin and Ethereum are rangebound, traders are attracted to the volatility in DIE and THE.
In addition, Vitalik Buterin has a massive platform in the space. The recent upward trends in these meme coins show that the support, or indirect endorsement, from the inventor of Ethereum, can boost the price of any token, even those with a small market capitalization.
THE and DIE are trending because of crypto influencers’ support and personalities other than Vitalik Buterin. These accounts have thousands and thousands of followers willing to jump into any project sponsored by these personalities.
$DIE quickest 200x this year
easily a 2000x potential here.
Keep raiding VB + all the CT $THE influencers, and this will get pushed to the same level at $THE ($40M a few hrs ago) https://t.co/jDllyH2v0y pic.twitter.com/xSkwyWbycy
— thomas (@crypto_TomTom) October 20, 2022
In just five days since its launch, THE has doubled its market cap, reaching over 4,000 holders and gaining much attention on social media platforms. The project is supported by popular crypto influencers, such as Crypto Bitlord, Jaso Crypto, Eric Crypto, David Gokhshtein, and others.
Gokhshtein, whose Twitter account has over 600,000 followers, wrote the following on THE and the meme coin movement:
So $THE is the next $SHIB? All it takes is for one person with a huge platform like Vitalik Buterin to crack a joke and it turns into a project. That’s crazy.
In the past 5 days:
– $THE hit 30M mcap ATH
– $THE reached 4000 holders
– 30K Tweets by the community
– @VitalikButerin likes $THE tweets
– @elonmusk trying his best not to say $THE, but really wants to.
– @crypto_bitlord7, @bull_bnb @EricCryptoman & dozens more big names in.— $THE JasonCryptoApe (@JasonCryptoFTW) October 19, 2022
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Vitalik Buterin Dumps His SHIB, Price Tanks 30% In 1 Hour
Ethereum inventor, Vitalik Buterin, might have single handily put a halt to the meme coins mania, at least, in the short term. Buterin was the recipient of 50% of the entire supply of Shiba Inu (SHIB), a token that saw a surge in interest after major exchange platforms added it to their products for the spot and derivatives market.
In a donation spree, Vitalik Buterin sent his SHIB tokens, along with ELON, MIRI, and AKITA to several charity foundations. Ethereum core developer Hudson Jameson made a list of the charity project and the amounts they received.
The Gitcoin Community, a Web3 based project with a large number of open-source developers, received all AKITA tokens into their Multi-Sig address. The Methuselah Foundation, a non-profit organization focused on extending the human lifespan, received all ELON tokens and 1,000 ETH.
The MIRI organization, an artificial intelligence project with the objective of developing the mathematical theory of trustworthy reasoning for autonomous AI systems, according to their official website, received 1,050 ETH. The Charter Cities Institute, created to improve human life by “building the ecosystem for charter cities”, received 500 ETH.
Vitalik Buterin Dumps, But For A Good Cause
In April, Vitalik Buterin donated $500,000 in ETH to Polygon’s co-founder, Sandeep Nailwal, an initiative to aid India’s Covid-19 relief campaign, CryptoRelief. Now, he sent the organization 500 ETH and 10% of his SHIB supply which it’s estimated at around $1 billion.
Via their Twitter handle, the organization confirmed the donation of 50,693,552,078,053 SHIB and stated the following:
We plan to do a thoughtful liquidation to ensure we meet our COVID relief goals. We have decided to convert the donation slowly over a period of time.
Nailwal also confirmed via his Twitter account that they plan to be “responsible” with the donations. Therefore, they plan to use the funds without “hurting” the SHIB community. He reassured SHIB holders that they have no reasons to be worried.
In response, SHIB community members claimed that Buterin’s donation could be amongst the largest in history and could attract new users into the Shiba Inu ecosystem. User “SHIB Informer” said the following:
We are not worried at all. The #SHIBArmy is strong. Today Vitalik Buterin did a lot of moves, and a portion of this involved this donation (can this be the biggest in history? Anyone knows?). The best for $SHIB is yet to come.
Buterin’s donations were generally praised by the crypto space. Many agreed that the funds will be better used by the aforementioned organizations and will contribute to the de-congestion of Ethereum’s network.
The tokens donated by Buterin saw massive drops in their price. ELON had a 95% correction. SHIB losses were minor in comparison, and since then the price has been recovering. At the time of writing, SHIB trades at $0,000021 with a 37.4% loss in the daily chart and a 1,258% gain in the 7-day chart.
