Ethereum Founder Buterin Dumps These Meme Coins, What You Need to Know
07 March 2023 - 8:15PM
NEWSBTC
Ethereum co-founder Vitalik Buterin caused a stir in the crypto
community today, but not with a tweet, but with the sale of several
unknown meme coins. Both on-chain data provider Lookonchain and
blockchain security company PeckShield have reported the
transactions. Lookonchain revealed via Twitter on March 7 that
Vitalik Buterin is selling off “his free shitcoins.” So far, the
Ethereum co-founder has sold 50 billion MOPS for 1.25 ETH (about
$2,000), 10 billion CULT for 58 ETH (about $91,000) and 500
trillion SHIK for 380 ETH (about $600,000). 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 Security firm PeckShield Alert reported via Twitter that CULT
(Cult DAO) has fallen 13.7% since the dump by Buterin. SHIK
(SHIKOKU) has been hit even harder, falling -95.8%. The SHIK
address tagged with Vitalik Buterin has netted around 164 ETH
(around $260,000) and transferred 214 ETH (around $337,000) to
EthDev. According to Etherscan, the address belongs to the Ethereum
Foundation and currently has an Ethereum balance of 336,271.54 ETH,
worth about $528.18 million. Related Reading: Ethereum Price
Breaking This Single Level Will Spark a Steady Increase Remarkably,
Buterin has not sold all of his CULT tokens. As crypto Twitter
noted, the Ethereum co-founder still owns 10 billion CULT. “Didn’t
sell all his CULT tho. Guess he’s holding 10bn as a moon-bag,” one
user said. Crypto Twitter Reacts To Sales From Ethereum Co-Founder
The crypto community on Twitter has been mostly disappointed by the
action of Ethereum mastermind Buterin. The backdrop is that
altcoins were largely illiquid cryptocurrencies, and thus the dump
had a massive impact on low-value projects and the investors who
own them. Others are upset with projects sending Vitalik free
tokens. Meanwhile, Buterin’s motivations for selling the altcoins
are unknown. One user stated that this seems like a strange move,
as Buterin is well aware that his sales will have a massive impact
on prices. One theory is that his accountant warned him that these
tokens would count as income on his tax return, which is why he
sold the tokens to cover the costs. Related Reading: Ethereum In An
‘Obvious Accumulation Range Of All Time’ – Preparing For $5,000?
Another theory is that Buterin is fully aware of the impact, as
evidenced by the fact that he has done this several times before
with other free altcoins. On the Lex Fridman podcast, Buterin
explained once that he could put the money to better use elsewhere.
In these cases, he has donated the funds, as was the case with
Shiba Inu (SHIB), for example. Buterin Reveals His Favorite DEX?
Meanwhile, another user has pointed out that Buterin may have once
again revealed his favorite DEX with the transfers. “Everyone is
talking about how Vitalik Buterin dumped CULT and SHIB but no one
is mentioning that he did it on CoW Swap,” he said, adding: Ready
for some real alpha? COW token is at only 7 million market cap, and
this is the preferred DEX of Vitalik Buterin. At press time, the
Ethereum price resembled that of Bitcoin – moving sideways in a
narrow range after dropping sharply on Thursday. Featured image
from Forbes, Chart from TradingView.com
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