Vitalik Buterin is on a Shitcoin Dump Marathon 2

Vitalik Buterin is on a Shitcoin Dump Marathon

Altcoin news, News

It has been rumored that Vitalik Buterin, co-founder of Ethereum, liquidated some of his shitcoins valued more than $70,000.

Etherscan data shows Vitalik sold 50 billion MOPS tokens for 1.25 ETH, roughly $2,000. Also, he traded out 500 trillion SHIK tokens for 380 ETH, about $600,000, and 10 billion CULT tokens for 58 ETH, nearly $91,000.

Blockchain security company PeckShield stated that Vitalik sold 3.4 million BITE tokens for 4.9 ETH. Buterin even transferred 214 ETH to an EthDev address.

By just selling 50 billion MOPS, 10 billion CULT, and 500 trillion SHIK, Vitalik Buterin was able to acquire 444.15 ETH, which is equivalent to more than $700,00 at today’s exchange rates. Over 10 billion CULT and 666 SHIK are in Vitalik’s possession, but he has no MOPS currency.

Sending a gift of tokens to Buterin’s wallet address is a common practice among shitcoin ventures. This is done with the intention of increasing the projects’ awareness within the cryptocurrency ecosystem.

Since most shitcoins have a low market value, Buterin’s selling depletes their liquidity and produces a significant price drop, which has caused several members of the cryptocurrency community to express their displeasure with this action by Vitalik.

BITE was down 7%, CULT was down 7.5%, and SHIK was down 60%, just as everyone anticipated it would be. The one coin that has defied this trend is MOPS, which has seen its value soar by a factor of one thousand times in the last twenty-four hours.

Compiled by Coinbold

blockchain, ETH