Dohrnii price tanks 50% as Vitalik Buterin dumps free-received tokens via Uniswap
The DHN token value rapidly dropped 50% after Ethereum co-founder Vitalik Buterin bought off the tokens he obtained free of charge, exchanging them for $125,000 in ETH.
With a single commerce, Ethereum co-founder Vitalik Buterin seems to have reduce the Dohrnii memecoin’s value in half — dumping tokens on the open market in trade for Ethereum (ETH).
On Tuesday, March 18, on-chain monitoring platforms confirmed that Buterin bought 5,000 DHN for $125,000 price of Ethereum on Uniswap. Regardless of the sale, he nonetheless holds one other 5,000 DHN, valued at round $114,600, which he obtained free of charge from Dohrnii Labs’ treasury on Jan. 29, in response to data from Spot On Chain.
Following the sharp value drop, the Dohrnii staff reached out to Buterin on X, providing to purchase out his remaining DHN in an over-the-counter deal to “reduce market fluctuations from future gross sales.” As of press time, Buterin made any public statements concerning the provide.
After the sell-off, a buyback was recorded, and DHN’s value bounced again to earlier ranges. As of press time, DHN is buying and selling at $40, per knowledge from crypto value aggregators. Nonetheless, amid the sale, issues concerning the token’s legitimacy have surfaced, with some alleging manipulation.
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One consumer on X alleged that that DHN’s value is “extremely manipulated” by the mission’s creators and builders who’ve full management over the liquidity pool. The consumer additionally raised doubts concerning the mission’s fundamentals, highlighting that an academic app with only one,000 downloads had pumped DHN’s market cap to $17 billion, however “has a liquidity lower than one million.”
In its one-page whitepaper, Dohrnii calls itself an “academic device” that desires to make monetary training accessible to everybody. It says it makes use of blockchain, learn-to-earn options, and gamification to “remodel” how folks find out about finance, although it doesn’t get into any technical particulars in any respect.
