Vitalik Buterin crashed the SHIB and AKITA markets
According to EtherScan, Vitalik Buterin sent nearly 50 billion AKITA tokens worth $440 million to the open-source Gitcoin platform powered by the Ethereum blockchain.
The token is illiquid, therefore it is simply unrealistic to sell it in such a volume. There is a minimum of data about the plans of the AKITA project in the network, therefore, the storage of these coins for a long time may lead to the fact that later the community will not be able to sell them even at the minimum price. Now, the Gitcoin contributors face a really tough choice. In addition, due to the complete decentralization of the platform, it is their votes that will decide the outcome of AKITA received from Buterin.
A poll was created on Twitter and on the official Gitcoin forum to find out what the community would like to do with the received volume of coins. One of the most probable outcomes is to “burn” these tokens, thereby significantly increasing their value on the market to cosmic indicators. Another obvious option is to send 50 billion AKITA back to Buterin's wallet. Thus, the community will politely “turn down” the potential pump.
Actions on the part of Buterin turned out to be devastating for the crypto market. Against the background of his transfer, Shiba Inu fell in price by more than 30%, Dogelon Mars by almost 60%, and Akita Inu by 34%. Whether the massive fall of Dogecoin clones will continue now depends on Gitcoin. Therefore, many crypto enthusiasts held their breath, awaiting the community's verdict on AKITA tokens, while others urged to actively purchase them.