Vitalik Buterin Sells 5,000 DHN Tokens for $124K, Triggering 50% Price Drop

19.05.2025

Vitalik Buterin, co-founder of Ethereum, sold 5,000 DHN tokens for $124,000, causing the asset’s price to plunge by 50%. The tokens were airdropped for free by Dohrnii Labs — a practice Buterin has repeatedly criticized, urging projects to donate funds directly to charities instead. According to Spot On Chain, on March 18, 2025, Buterin swapped 5,000 DHN for 65 ETH (worth $124K). These tokens were part of a 10,000 DHN airdrop sent to him on January 29 from Dohrnii Labs' treasury. The token distribution was part of a marketing strategy aimed at sending free tokens to prominent crypto personalities. However, Buterin’s sale triggered panic selling: the price of DHN dropped from $38.505 to $20.699. Later, the token partially rebounded, reaching $43.94 before stabilizing at $39.75. Despite an 11% drop over the week, DHN is still up by an astonishing 3,400,535.6% over the past year, according to CoinGecko. Etherscan data shows that Buterin still holds 5,000 DHN, now valued at approximately $190,000 at current market prices.