Vitalik Buterin Sells 5,000 DHN Tokens Affecting Market Price
Buterin’s $124,000 DHN Sale Shakes Market
Vitalik Buterin, co-founder of Ethereum, sold 5,000 DHN tokens for approximately $124,000 around 35 minutes ago. The sale was reported by Onchain Lens, which observed significant price fluctuations following the sale. “Vitalik has sold 5,000 DHN tokens for 65.19 ETH (~$124k). He still holds another 5,000 DHN,” noted Onchain Lens on Twitter.
Buterin exchanged the tokens for 65.19 ETH, affecting the DHN token price. The transaction data provided by Etherscan confirmed the activity. He still retains 5,000 DHN tokens, valued now at $113,000.
Market Sees DHN Plummet 57% Post-Sale
The sale resulted in a 57% drop in DHN’s price, which decreased from $38 to $16. This drastic fluctuation reflects the market’s reaction to insider activities. The current rate stands at $22.5, as reported by CoinGecko.
Market reactions emphasized the usual nature of such sales. Crypto analyst opinions suggest the long-term market fundamentals remain intact despite short-term volatility evident from the DHN token’s performance.
Historical Influence of Buterin’s Token Trades
In May 2021, Buterin sold sizable meme tokens, an event tying into historical precedents. These actions consistently illustrate the influence individuals can have on the crypto market.
Experts highlight this incident as common within crypto markets, comparable to the past occurrences. While price volatility persists immediately following such sales, fundamental stability is seldom affected according to expert analysis.
