U.Today – Satoshi Nakamoto, the pseudonymous creator of (BTC), may have gone into hibernation forever; However, the show of respect towards him has just taken a new turn. A Bitcoin-hosted meme currency project, Pups Token (PUPS), has just sent 90% of its total holdings to a Satoshi Nakamoto address, according to information from data analytics platform Arkham Intelligence.
The intention of the Pups Token team was not so benevolent since the objective was to sacrifice an Ordinal by sending it to Satoshi. In the process, they moved funds from their treasury unknowingly. Considering that Satoshi Nakamoto remains unknown, recovering the funds remains almost impossible for the team.
While Satoshi's address cannot be classified as a dead wallet, the inaccessibility of the funds, valued at around $7,000 at the time of transfer, remains impossible. This unexpected twist has some advantages, as the remaining Pups Token could gain additional value over time.
At the time of writing, PUPS Ordinals has recorded a 7.6% drop in price in 24 hours to $15.9 per token. While the prospects for the team itself seem bleak, the project could survive this mistake considering the amount donated is a negligible fraction of the market cap worth around $122,885,856.
Meme coin projects like to give gifts to the leaders of the domiciled ecosystem. This practice began with (SHIB), which gifted co-founder Vitalik Buterin a significant portion of its circulation supply early on. Buterin burned the tokens, which were worth more than $7 billion at their peak, helping boost the asset's valuation.
This gesture by Buterin set an important precedent that other projects have tried to emulate to date. In the case of PUPS, the precedent set served as another reminder for both innovators and users to be cautious with the transactions, as many of them are irreversible.
This article was originally published on U.Today.
