Vitalik Buterin, one of Ethereum’s co-founders, is selling the majority of the shitcoins he had stored in his primary wallet address raking over $700,00. The coins that Vitalik Buterin sold are being rekt, which is identical to what happened the previous time when he dumped enormous sums of shitcoins, when shitcoins lost most of their value. Since Ethereum co-founder Vitalik Buterin is offering free memecoins, the value of the coins has plummeted, and there is less liquidity in the market for them.
In a tweet published on March 7, Lookonchain disclosed that Vitalik Buterin is selling the majority of the free shitcoins that he has gotten to the wallet address 0xAb58…9B. It is now the case that he has already transacted the sale of 50 billion MOPS for 1.25 ETH, 10 billion CULT for 58 ETH, and 500 trillion SHIK for 380 ETH.
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
In addition, Vitalik Buterin has successfully transacted 3.4 million BITE for 5.9 ETH. In addition to that, he has sent EthDev 214 ETH, which is equivalent to $337k.
Crypto community responds to Vitalik’s actions
Crypto Twitter is dissatisfied with Vitalik Buterin because he sold some of the shitcoins that he had, which has a negative effect on low-value projects and the investors that hold such projects. Several people are upset that Vitalik is receiving free tokens from certain projects. Once Vitalik dumped the token, the price of SHIK dropped by 95.8 percent.
Vitalik Buterin is aware that the sale of free shitcoins has the potential to significantly reduce liquidity and drive prices down. The fact that these sales would show as revenue on his tax sheet has led some people to conclude that he is selling them in order to pay the expenditure.
While this is going on, some people believe it may have something to do with testnet coins, particularly Goerli ETH. There are now 11.88 million total GETH in circulation, and there were 2.05k token holders as of the time of this publication. According to the statistics provided by DEXTools, almost $0.5 million worth of gETH was exchanged in the last 24 hours.
According to the statistics provided by Etherscan, Vitalik now has an additional 666 SHIK as well as 10 billion CULT. On the other hand, he is completely out of MOPS coins.
Vitalik’s actions might notbe pleasing to all as massive dumping of coins can lead to a sudden drop in prices due to the sudden increase in supply, triggering a chain reaction of panic selling by other investors. This can cause significant volatility and instability in the market, making it difficult for investors to predict future price movements and potentially leading to significant losses.