Meme Coin Project Accidentally Sends 90% of Its Holdings to Satoshi Nakamoto

According to U.Today, Pups Token (PUPS), a Bitcoin-hosted meme coin project, inadvertently sent 90% of its total 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 into their treasury unwittingly. Since Satoshi Nakamoto’s identity remains unknown, recovery of the funds appears nearly impossible.

The funds, which were 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 seen a 7.6% drop in price over 24 hours to $15.9 per token. Despite the bleak outlook for the team, the project might survive this glitch as the amount donated is a negligible fraction of the market cap, which is worth around $122,885,856.

Meme coin projects often gift tokens to leaders of their ecosystem. This trend began with Shiba Inu (SHIB), which gifted a significant portion of its circulating supply to Ethereum co-founder Vitalik Buterin at its inception. Buterin burned the tokens, which were worth over $7 billion at their peak, driving up the asset’s valuation. This incident with PUPS serves as a reminder for innovators and users to be careful with transactions as many are irreversible.