The altcoin project that Ethereum co-founder Vitalik Buterin talked about recently came true. But attention stands at 50 addresses, more than half of the token supply.
Altcoin “supported” by Vitalik Buterin appeared
Vitalik Buterin’s idea to create tokens that would be a problem for scammers and bots came true. On October 15, Buterin published a tweet recommending the creation of a new crypto project that will be called “THE Protocol”. In this way, investors using THE hashtag will stay away from scammers.
https://twitter.com/nansen_ai/status/1582293231169024000
Altcoin made 1.000% in a short time
The idea came to life shortly after Buterin’s suggestion. The token contract for “THE” was created hours after the tweet and massively amassed, adding 1,000% to its value.
Similar to the Shiba Inu, the creator of the token decided that it would be fair to send some “copyright fee” to the person who created and shared the idea. Ten percent of THE’s total supply was transferred to Vitalik Buterin shortly after its creation.
Attention, 50 addresses hold more than half of the token supply
Currently, more than half of THE’s supply is in the hands of the 50 largest addresses. The big Ethereum whales also took their chances for the nascent token. Popular investors like “Sisterofvitalik” and hxr.eth bought the token. However, some large addresses started selling despite the lack of active sales from top addresses and individual investors. This shows how cautious investors should be with tokens like THE, which have become the target of market manipulation.
Currently, approximately 41 million THE tokens are circulating on Uniswap and MEXC. Thus, DEX platforms become the largest markets for THE token. Numerous Blockchain and research platforms are issuing warnings when identifying the token.
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