19.2 C
Los Angeles
Saturday, April 1, 2023
- Advertisement -
- Advertisement -spot_img

Vitalik dumped $700K worth of shitcoins he never asked for

BusinessCryptoVitalik dumped $700K worth of shitcoins he never asked for

Ethereum co-founder Vitalik Buterin has gone on a shitcoin selling spree, exchanging nearly $700,000 worth of tokens that were previously circulated to him for ether (ETH,

According to etherscanOn March 7, a wallet belonging to Buterin transferred 500 trillion SHIKOKU (SHIK) for 380.3 ETH ($595,448), nearly 10 billion Kult DAO (CULT) for 58.1 ETH ($91,021), and 50 billion Mops for 1.25 ETH (MOPS). (MOPS) unloaded. $1,950).

Screenshot of token transaction from Vitalik’s wallet. Source: etherscan

The sale had a huge impact on their prices due to the low liquidity of the tokens. The biggest price drop from the token was SHIK, which recorded an 86% drop after Buterin’s sale according to CoinMarketCap statistics,

The total circulating supply of SHIK is 1 quadrillion, 500 trillion previously held by Buterin, representing 50% of the current supply.

Ethereum co-founder in May 2021 started a similar offload Selling tokens like Shiba Inu (Shiva) and Dogelon Mars (ELON) resulted in a 40% and 90% drop in prices, respectively.

Connected: Ethereum price action and derivatives data confirm that the bears are currently in control

While some within the cryptocurrency community shared their dismay at Buterin’s decision to sell given its large impact on the token, with others suggesting it was motivated by the tax implications of receiving the airdrop, which are subject to income tax in most countries.

Buterin confirmed that he was the owner of the wallet in 2018 do He was accused of hoarding 75% of the Ether supply along with fellow Ethereum co-founder Joe Lubin during a pre-mining sale of tokens.