Ethereum (ETH) founder Vitalik Buterin, one of the most important names in the cryptocurrency industry, receives gift altcoins from many projects.
Buterin states that all altcoins sent to his wallet by altcoin teams are donated to charity each time.
At this point, Buterin made a new sale on one of the memecoins he received as a gift. Buterin, who previously sold on the memecoin called LEDOG (DOG), sold two trillion DOG tokens today and converted them to Ethereum.
While investors closely follow the movements of a prominent name like Vitalik Buterin, such as token sales, it is known that such large sales transactions usually bring high volatility and panic selling. Because investors are concerned about the impact on the market of large token sales made by people like Buterin.
However, although Buterin’s latest sale poses a risk of decline for DOG, it may not mean a definite collapse. The community’s reaction from now on is important. At this point, experts estimate that the DOG price will depend on how much the community can support liquidity and prevent panic.
In addition, a sudden increase in Ethereum’s hourly trading volume was observed at the moment Buterin made a sale. Although the DOG sale only brought 4.4 ETH, ETH’s hourly trading volume skyrocketed immediately after the DOG-ETH swap.
Finally, it should be noted that given Buterin’s history of quickly redistributing or selling such assets, there is a high probability that the purchased ETH will re-enter the market in the short term.
*This is not investment advice.
Read the full article here
