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UBI price rose 3,000% in one hour with the support of the creator of Ethereum

The price of the UBI token, after several months below USD 0.10, regained momentum in recent days. The catalyst factor that took it from $ 0.04 to $ 1.39 (which was an increase of 3.370% in one hour) was that Vitalik Buterin, co-creator of Ethereum, bought 1.87 million units of this token for a total of 50 ethers (ETH) and “burned” them.

By doing this, the Russian-Canadian developer reduced UBI’s working capital by approximately 8% , which increases its scarcity. This is something important for a token that does not have a certain maximum supply, but is constantly issued and therefore has inflationary characteristics.

This new gesture of support by Buterin towards the universal basic income project, it was taken as a positive signal by investors and traders . As of this writing, the CoinGecko price tracker shows that the price of each UBI is $ 0.19. But, after what happened with Buterin’s actions, volatility is high. Just a few hours ago it exceeded USD 0.30.

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After being several months below the USD 0.10, the UBI token rewarded its ‘holders’ with a rise that exceeded 3,000%. In an hour. Source: Coingecko.

The creator of the UBI project, the Argentine Santiago Siri, expressed his emotion over what happened. “I am literally crying,” he wrote on his Twitter account. Thank you, Vitalik Buterin. I have no words, “he added.

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Vitalik Buterin burned 1,871,049 units of the UBI token and reduced its currency by approximately 8%. Source: EtherScan.

How is the UBI project going?

The bearish months for the UBI token have not dampened the enthusiasm of the developer team or the community formed around this cryptoasset that seeks to “end poverty.”

At the time of writing, a total of 8,836 people validated – through a video – real humans on the Proof Of Humanity platform. For doing this they receive 1 UBI per hour.

Among them, as CriptoNoticias reported, are recognized personalities such as MercadoLibre CEO, Marcos Galperín; former basketball player Manu Ginobili; and Vitalik Buterin himself.

The actions for the dissemination of the project included, days ago, the meeting between Siri and the ambassador of El Salvador in Spain, Mauricio Peñate. I’m planning a trip soon. Maybe, hopefully, I can even meet Nayib Bukele and get to tell him about UBI and Proof of Humanity », detailed the Argentine developer.

On the future of UBI, Siri explains that They are implementing features that make it easy for them to be used as real-time money. In addition, if these changes are successful, UBI could be used as collateral or implemented in subscription models.

The help that many needed

The UBI token has failed, still, its mission to eradicate poverty. But its recent price hike gave many financial aid at a time when they needed it. This was made known by several people on the social network Twitter.

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The price increase of the UBI token was helpful for several of its holders.
Source: @mecherodsim / twitter. com

There were also those who took advantage of the profits obtained from the rise in the price of UBI to make a donation to some cause of your interest. Siri shared a message received in which a person tells him that he made a profit equivalent to USD 1,700 and that he would donate it to a foundation that integrates people with disabilities into the technological ecosystem.

The UBI creator, who seems to be astonished, is optimistic about the future of this project and that of the Ethereum network:

« It’s downright impressive what we can achieve thanks to technology like Ethereum. This just begin”.

Santiago Siri, creator of the UBI token.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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