The DHN token worth shortly dropped 50% after Ethereum co-founder Vitalik Buterin offered off the tokens he obtained at no cost, exchanging them for $125,000 in ETH.
With a single commerce, Ethereum co-founder Vitalik Buterin seems to have reduce the Dohrnii memecoin’s worth in half — dumping tokens on the open market in trade for Ethereum (ETH).
On Tuesday, March 18, on-chain monitoring platforms confirmed that Buterin offered 5,000 DHN for $125,000 value of Ethereum on Uniswap. Regardless of the sale, he nonetheless holds one other 5,000 DHN, valued at round $114,600, which he obtained at no cost from Dohrnii Labs’ treasury on Jan. 29, in accordance with knowledge from Spot On Chain.
Following the sharp worth drop, the Dohrnii group reached out to Buterin on X, providing to purchase out his remaining DHN in an over-the-counter deal to “minimize market fluctuations from future sales.” As of press time, Buterin made any public statements relating to the provide.
After the sell-off, a buyback was recorded, and DHN’s worth bounced again to earlier ranges. As of press time, DHN is buying and selling at $40, per knowledge from crypto worth 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 worth is “highly manipulated” by the undertaking’s creators and builders who’ve full management over the liquidity pool. The consumer additionally raised doubts concerning the undertaking’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 less than a million.”
In its one-page whitepaper, Dohrnii calls itself an “educational tool” that desires to make monetary schooling accessible to everybody. It says it makes use of blockchain, learn-to-earn options, and gamification to “transform” how folks study finance, although it doesn’t get into any technical particulars in any respect.
