Ethereum founder Vitalik Buterin sold STRAYDOG tokens over the past twenty four hours according to on chain data. The tokens were originally received via airdrop from community and team nearly four months ago.
The sale occurred near recent price lows during a broader period of market weakness. Similar sales by Buterin in past cycles have often coincided with shifts in market attention rather than extended downside.
Following the transaction STRAYDOG team began purchasing tokens on the open market. The team confirmed that purchased tokens will be allocated toward a future burn.
According to the team two hundred thousand dollars worth of bought STRAYDOG tokens will be burned once the token reaches a ten million dollar market capitalization reducing circulating supply.
Market participants are now watching on chain activity as the project approaches the announced milestone.
The project maintains a fat treasury valued at hundreds of thousand of dollars, enabling the development team to continue conducting ongoing buybacks rather than a one time purchase. The team also stated that it plans to burn $200,000 worth of bought STRAYDOG tokens at every additional $10 million increase in market capitalization, further reducing circulating supply over time.
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