Ethereum Co-Founder began actively dumping coins airdropped to him, claiming he “anti-endorsed these projects.” Buterin liquidated ~$700,000 worth of SHIK, CULT, MOPS, and BITE stocks, significantly affecting their quotes.
According to Etherscan, shitcoins worth ~$700,000 were liquidated from a wallet owned by Ethereum Co-Founder Vitalik Buterin on March 7.
Vitalik sold:
- 500 trillion SHIKOKU (SHIK) for 380.3 ETH (~$595,448);
- 10 billion Cult DAO (CULT) for 58.1 ETH (~$91,021);
- 50 billion Mops (MOPS) for 1.25 ETH (~$1,950);
- 3.4 million Bite (BIT) for 5.9 ETH (~$9,250).
This sell-off had a considerable impact on quotes. The biggest price drop was experienced by SHIK, which, according to CoinGecko, instantly lost over 85% of its value. The project sagged primarily due to low liquidity, as Buterin’s wallet held half of the entire coin supply.
Vitalik said he “anti-endorsed these projects,” saying that shitcoins had “no redeeming cultural or moral value.” He also stressed that investors would likely lose most of their investments. The community accused Vitalik that their funds would be lost precisely thanks to him. Considering the power he’d have on such tokens, the Twitter community called him “ruthless.” Another Twitter user assumed Buterin was simply trying to avoid the tax consequences of “participating” in airdrops. Members of the subreddit community started actively trolling Vitalik by sending 250,000 BITE to his wallet shortly after he published a critical post on shitcoins. The community urged him to “be honest” and give his real attitude towards such projects.
In late 2022, Vitalik Buterin proposed three major innovations that could be key for the crypto industry in 2023. One of these innovations Vitalik called truly stablecoins.
