Vitalik Buterin, the well-known Ethereum co-founder, has sold 5,000 DHN tokens, leading to a substantial decrease in their value.
DHN's Price Drops by 50%
According to Spot On Chain, Buterin sold 5,000 DHN for 65 ETH, approximately $124,000. These tokens were part of the 10,000 DHN he received for free from Dohrnii Labs on January 29. The sale caused a 50% drop in DHN's price, though it later recovered to $39.75, down 11% for the week.
Crypto Projects to Donate Directly to Charity
Buterin has repeatedly advised crypto projects to donate to charity instead of sending him tokens. He has previously donated the proceeds from token sales to various charitable initiatives. In 2023, he clarified that all transfers from his wallets relate to donations.
Market Reaction and Buterin's Stance
In response to the price drop, Dohrnii Labs offered to arrange an OTC sale of the remaining tokens. Buterin reiterated his call for organizations to establish decentralized autonomous organizations for more transparent donation management.
The cryptocurrency space continues to experience price fluctuations, with even small sales leading to significant changes in token market values.
