According to U.Today, Pups Token (PUPS), a meme coin project hosted on Bitcoin, has inadvertently sent 90% of its entire holdings to an address associated with Satoshi Nakamoto, the pseudonymous creator of Bitcoin. This information was revealed by data analytics platform Arkham Intelligence. The Pups Token team's intention was to sacrifice an Ordinal by sending it to Satoshi, but they ended up transferring the funds in their treasury unknowingly. Given that Satoshi Nakamoto's identity remains unknown, the retrieval of the funds seems almost impossible.
The funds, worth about $7,000 at the time of the transfer, are now inaccessible. However, this unexpected event could potentially increase the value of the remaining Pups Token over time. At the time of writing, PUPS Ordinals has recorded a 7.6% drop in its price in 24 hours to $15.9 per token. Despite the bleak outlook for the team, the project might survive this blunder as the gifted amount is a negligible fraction of the market capitalization worth around $122,885,856.
Meme coin projects often gift tokens to leaders in their ecosystem. This trend started with Shiba Inu (SHIB), which gifted a significant portion of its circulation supply to Ethereum co-founder Vitalik Buterin at its inception. The tokens, worth over $7 billion at their peak, were burnt by Buterin, boosting the valuation of the assets. This incident with PUPS serves as a reminder for innovators and users to exercise caution with transactions, as many are irreversible.
