- Vitalik Buterin sold small portions of Uniswap (UNI), Kyber Network Crystal (KNC), and Dogey-Inu (DINU) for approximately $17,000 in USD Coin (USDC).
- The wallet linked to the Ethereum co-founder moved 1,400 UNI, 10,000 KNC, and about 40 trillion DINU, as identified by Lookonchain and Arkham Intelligence.
- DINU prices reacted sharply, dropping over 18%, reflecting the coin’s thin liquidity and previous allocation history.
- Buterin has regularly sold or donated meme tokens sent to him, often impacting related token prices.
Vitalik Buterin, co-founder of Ethereum, sold portions of his holdings in Uniswap (UNI), Kyber Network Crystal (KNC), and Dogey-Inu (DINU) on Sunday. The transactions netted just under $17,000 in USD Coin (USDC). The activity was reported by blockchain tracking platforms, which marked the wallet as linked to Buterin.
According to data highlighted by Lookonchain and Arkham Intelligence, the wallet sold 1,400 UNI, 10,000 KNC, and approximately 40 trillion DINU, resulting in 16,796 USDC. These moves occurred as the broader cryptocurrency market showed weakness.
Following the sales, price responses varied among the tokens. Ethereum itself remained steady near $3,123. UNI dropped 2.4% within the last 24 hours, trading at about $5.41. KNC’s price slipped by 1.1% to approximately $0.25. DINU experienced the largest decline, falling over 18% in 24 hours, tied to its lower liquidity.
Retail sentiment on Stocktwits showed ‘bullish’ for UNI and ‘neutral’ for both KNC and DINU, with extremely high discussion levels for DINU. Historically, Buterin has received large allotments of meme tokens, which projects promote as “burns” to his address. He has a pattern of selling or donating these tokens.
Earlier in January, Buterin sold over $1 million of at least 28 meme coins, including DINU, according to publicly available records. The proceeds went to his charity, Kanro, which focuses on pandemic prevention. DINU dropped by more than 50% after that event. In previous instances, Buterin liquidated significant amounts of meme tokens, donating the funds to various charitable organizations and occasionally spurring market reactions in related coins.
While the recent transactions represent a small portion of his on-chain holdings, activity from Buterin’s wallets is often viewed as a signal by market participants, especially in thinly traded tokens. Even minor sales of illiquid assets can have significant price impacts when connected to a high-profile figure like Buterin.
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