It has been rumored that Vitalik Buterin, co-founder of Ethereum, liquidated some of his shitcoins valued more than $70,000.
vitalik.eth (@VitalikButerin) is selling his free shitcoins.
Currently sold 50B $MOPS for 1.25 $ETH($2K), sold 10B $CULT for 58 $ETH($91K), sold 500T $SHIK for 380 $ETH($600K).https://t.co/SboWZsO8WY pic.twitter.com/xNaRTeVM7K
— Lookonchain (@lookonchain) March 7, 2023
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.
#PeckShieldAlert $SHIK (SHIKOKU) has dropped -95.8%
Vitalik Buterin-labeled address has dumped ~5T $SHIK, and gained ~164 $ETH (~260k) and transferred 214 $ETH ($337k) to EthDevhttps://t.co/Uw6TA1RDKP pic.twitter.com/FuIbgGgrdA— PeckShieldAlert (@PeckShieldAlert) March 7, 2023
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