Ethereum founder Vitalik Buterin had liquidated a large amount of three meme coins he was gifted, donating the proceeds to charity. Buterin held significant amounts of dog-themed coins, including “Shiba Inu (SHIB), Akita Inu (AKITA), and Dogelon Mars (ELON).” Notably, he controlled up to 50% of the total supply of Shiba Inu (SHIB) and a substantial share of Akita Inu (AKITA).
According to Shiba Inu’s website, the tokens sent to Buterin were considered “burned,” encouraging users to purchase tokens directly on the open market. Similarly, Akita Inu sent a large portion of its tokens to Buterin as a marketing strategy, hoping to gain his support.
Buterin began liquidating these tokens on Uniswap, selling 660 billion SHIB, 140 billion AKITA, and 43 billion ELON. The sales earned him a total of 15,719 ETH, worth approximately $63 million. He then donated all the ETH to various charities, underscoring his intention to contribute to charitable causes rather than for personal gain.
As of November 2024, Shiba Inu continues to hold strong in the market with a valuation around $11 billion, maintaining its status as one of the most popular meme coins. In contrast, Akita Inu has seen a decline in prominence, with a market cap of only $7.7 million—a stark difference that reflects the varying levels of investor confidence and community support between the two projects.
Despite sharing similar origins in the “dog coin” meme culture, Akita Inu has struggled to sustain the same level of hype and utility as Shiba Inu. Several factors contribute to this disparity: Shiba Inu’s established partnerships, continuous innovation, and high-profile adoption have kept it relevant, while Akita Inu lacks the same momentum and community-driven initiatives. The gap highlights the challenges faced by smaller meme tokens in staying competitive within a volatile market that often favors projects with strong backing, community engagement, and adaptability to changing crypto trends.
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