Huge devaluation in the dog-themed token market

The dog-themed crypto rally ended abruptly on May 12 due to Ethereum (ETH) Co-Founder Vitalik Buterin.

According to Cointelegraph Markets and TradingView data, SHIB, which lost 43 percent in value, is trading at $ 0.000017 as of the time of translation publication. Akita Inu (AKITA) fell 49 percent and fell to $ 0.0000065. Dogelon Mars (ELON), whose value loss is 64 percent, is traded at $ 0.00000064.

4-hour chart for SHIB / USDT, ELON / USDT and AKITA / USDT. Source: TradingView

Some members of the crypto community spotted massive activity in Buterin’s wallet on Wednesday. Buterin started selling tokens by getting liquidity from the SHIB liquidity pool in Uniswap.

In the following hours, the prices of dog-themed cryptocurrencies dropped drastically, with various swaps and token transfers from Buterin’s wallets. The action of investors who want to protect their profits has also led to a surge in Ethereum transaction fees.

Shiba Inu developers had sent it to the Ethereum co-founder to burn half of the SHIB supply.

While those who invested in these cryptocurrencies probably found Buterin’s decision to make a sale unpalatable, the ending of excitement around these cryptocurrencies that caused transaction fees on the Ethereum network to skyrocket was welcomed by the wider crypto community.

Ethereum average gas fee (gwei). Source: Etherscan

On the other hand, Buterin uses the revenues from token sales. Gitcoin, Give Well, and may get less reaction due to donation to the Covid-Charity Fund of India.

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