Ethereum Co-founder has Dumped $700M Worth of Shitcoins

In order to buy Ether, Ethereum co-founder Vitalik Buterin sold approximately $700,000 worth of shitcoins that had been given to him via airdrop.

According to Etherscan, on March 7 Buterin offloaded 500 trillion SHIKOKU (SHIK), roughly 10 billion Cult DAO (CULT), and 50 trillion Mops (MOPS) for a total of 380.3 ETH ($595,448), 58.1 ETH ($91,021), and 1.25 ETH ($1,950) from his wallet.

The sales had a significant impact on the prices of the tokens because of their low liquidity. The address consequently received gains of 1.24 ETH ($1,960), 58 ETH ($91,500), and 214 ETH ($337,000), respectively. Eventually, 3.4 million BITE were also sold from the address, and they were exchanged for 5.9 ETH, or $9,250. 214 ETH were transferred to an EthDev address for the SHIK dump.

SHIK experienced the biggest price decline of the tokens, with an 86% decrease after Ethereum co-founder’s selling streak, according to CoinMarketCap. The 500 trillion SHIK that Buterin formerly controlled make up half of the total supply currently in circulation, which is one quadrillion.

Importantly, these currencies and the projects they are linked to are not well-known and are sometimes referred to as “sh*tcoins,” a phrase used to denote subpar initiatives. For instance, MOPS is a “doge-themed” token initiative that appears to be a meme coin.

This is Not a First for the Ethereum Co-founder

Similar drops in token prices have occurred after the Ethereum co-founder has dumped tokens in the past. In 2021, Buterin burnt SHIB worth billions, sparking a heated debate. Even some of that money was given to philanthropic organizations, such as the India COVID-19 Relief Fund. He stated that he didn’t “want to be a locus of power of that kind.”

Furthermore, he recently talked about his concept of “stealth addresses,” which he said might shield users by enabling peer-to-peer transfers of nonfungible tokens (NFTs) and registrations for the Ethereum Name Service (ENS) anonymous.