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OMG Vitalik Buterin Is Dumping All His Dog Coins We Speak And Donating The Proceeds – He Technically Just Donated $1 Billion To India’s COVID Fight

The story of Vitalik Buterin and his $20 billion stash of dog-themed coins just took a very interesting twist… one that is taking shape right now!

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I’ll provide a quick synopsis of the narrative if you haven’t been following it, but this is all actually happening right now. I’m working as quickly as I can to publish this piece so you can follow along. To cut a long story short, Vitalik Buterin is the co-founder of Ethereum, a well-known cryptocurrency. With a net worth of over $21 billion, Vitalik unexpectedly became one of the richest persons in the world earlier this week. Of that $21 billion, roughly $1.3 billion came from his stash of 333,000 Ethereum after the price of Ether broke $4,000 a few days ago. The rest of Vitalik’s $20 billion fortune was made up of dozens of dog-themed alt-coins that he had been unwittingly gifted. The 505 billion Shiba Inu coins, or SHIB, were the most significant present. Vitalik’s SHIB “gift” was once valued at $19 billion.

Please read this article for a thorough explanation of what happened earlier this week:

Unknowingly, the inventor of Ethereum received half of a cryptocurrency based on the dog meme…

Long story short, back in April the creators of SHIB announced they had transferred half all SHIB in circulation to Vitalik. They stated that they were taking these actions to safeguard the circulation and legitimate the token. This was probably more of a publicity stunt in actuality. A publicity gimmick that succeeded admirably in the short term. I certainly had not heard of SHIB before Sunday, and now it’s basically all I’ve talked about for days.

(Photo by John Phillips/Getty Images)

Vitalik Rugs The Dogs

The big risk with this publicity stunt was that nothing was stopping Vitalik from dumping all these gifts onto the open market. This is referred described as “burning” or “rugging” in the cryptosphere, as in “drawing the rug out.”

If you were the one who created SHIB, you may have been hoping to pump and dump a lot of your assets while the price was high. Or you hoped Vitalik would decide to hold off on selling out of kindness or concern for the future of your currency. That wasn’t what took place.

As we peak, Vitalik is currently engaged in a rugging binge.

Dog tokens are now being dumped by Vitalik. https://t.co/9R4zwQ6bS3 pic.twitter.com/8C6NeYwd3y

— Larry Cermak on May 12, 2021 (@lawmaster).

If you continue reading that thread, Larry provides links to every transaction where Vitalik is clearly rugging all of these dog coins.

Within a short period of time, he continues to dump SHIB. He sent $55 million worth of SHIB to a Coinbase account and unloaded it there. Probably his own, then.

He moved unsellable alt-coins worth about $500 million to the open source software platform Gitcoin.

As of this writing, SHIB has dropped 30% in value. Akita has decreased by 40%.

From what I can see, Vitalik actually donated around $60 million worth of alt-coins by converting and giving away Ether. The following organizations have benefited from his donations as of this writing:

    $1 Billion Donation

    (Photo by John Phillips/Getty Images)

    Vitalik’s Wealth Drops

    Vitalik’s net worth has decreased from $20 billion to $10.7 billion in the thirty minutes after I first learned about the sales. No doubt that number will go even lower as he continues his rugging and charity transferring.

    The wider picture is that Vitalik Buterin just delivered a harsh lesson to all of these alternative currency. Don’t promote him in any way. He won’t bat an eye and will rug your ass.

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