Though the anonymous founder of Bitcoin (BTC), Satoshi Nakamoto, may have retired into retirement, honouring him has just taken on a new dimension. 90% of the total assets of Pups Token (PUPS), a meme token project housed on Bitcoin, were recently transferred to a Satoshi Nakamoto address, according to information obtained by data analytics firm Arkham Intelligence.
The Pups Token team’s objective was to sacrifice one Ordinal by delivering it to Satoshi, hence their intentions were not entirely altruistic. They unintentionally transferred the money from their treasury throughout the procedure. Since Satoshi Nakamoto is still unknown, the team’s chances of recovering the money are little to none.
Although Satoshi’s address cannot be considered a dead wallet, it is still impossible for the funds—which were valued at around $7,000 at the time of the transfer—to be inaccessible. This unexpected turn of events has some benefits, since the remaining Pups Token may appreciate in value in the future.
As of this writing, the price of PUPS Ordinals has dropped 7.6% in only a single day, to $15.9 per token. Even if the team’s future appears dismal, the project may be able to overcome this mistake because the given sum is a small portion of the market capitalization, which is estimated to be worth $122,885,856.
https://x.com/ArkhamIntel/status/1791761901635895708
Meme coin initiatives like presenting rewards to the top players in their home ecosystems. Shiba Inu (SHIB) started this practice by giving Vitalik Buterin, one of the co-founders of Ethereum, a sizable share of the cryptocurrency’s initial supply. Buterin burned the tokens, which at one point were valued at over $7 billion, which increased the asset’s valuation.
Buterin’s action established a significant precedent that other enterprises have attempted to follow to this day. In the instance of PUPS, the precedent created served as yet another warning to users and innovators to exercise caution while completing transactions because many of them are final.
