Ethereum co-founder Vitalik Buterin allegedly dumped some of his shitcoins worth over $700,000.
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.
So basically, Vitalik Buterin collected 444.15 ETH, worth over $700,000, by selling 50 billion MOPS, 10 billion CULT, and 500 trillion SHIK. Vitalik owns around 10 billion CULT and 666 SHIK, but zero MOPS coin.
With the purpose of enhancing their visibility within the crypto ecosystem, shitcoin initiatives generally send their tokens to Buterin’s wallet address as a gift.
A part of the crypto community is displeased with this move by Vitalik as most shitcoins have a small market cap, and Buterin’s selling depletes their liquidity and causes a sharp price decline.
As everyone feared, BITE fell by 7%, CULT by 7.5%, and SHIK by 60%. The one exception is MOPS, which increased by 1000% in the past 24 hours amid Buterin’s token dump.
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