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Dog day afternoon as Vitalik dumps multiple memecoins in the name of charity

Published 05/12/2021, 03:37 PM
Updated 05/13/2021, 03:20 AM
Dog day afternoon as Vitalik dumps multiple memecoins in the name of charity

The dog-themed race up the cryptocurrency charts came to an abrupt halt on May 12 as a majority of the previously hot meme tokens including Shiba Inu (SHIB) and Dogelon Mars (ELON) saw their prices drop more than 40% with Ethereum (ETH) co-founder Vitalik Buterin emerging as the main culprit behind the selloff.

Data from Cointelegraph Markets and TradingView shows that the price of SHIB has fallen 40% and now trades near $0.00002 while the price of Akita Inu (AKITA) has declined 50% and ELON has collapsed by 90%.

SHIB/USDT vs. ELON/USDT vs. AKITA/USDT 4-hour chart. Source: TradingView
Average Ethereum gas price in gwei. Source: Etherscan

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