The cryptocurrency market is known for its volatility and unpredictability. One aspect of it is the emergence of “shitcoins,” digital tokens that have little or no real-world value. Recently, the decision of Ethereum co-founder Vitalik Buterin to sell some of these tokens went viral, sparking speculation and debate within the crypto community.
Some speculated that Buterin’s token sale was due to bear market conditions, while others speculated that he wanted to avoid these tokens counting as income on his tax sheet.
Ethereum co-founder Vitalik Buterin has sold several low-cap altcoins in an early-morning sale, sparking a wave of criticism, many in the form of memes.
After Vitalik won 1.25 Ethereum ($2,000) with 50 Billion Mops, 58 Ethereum ($91,000) with 10 Billion Cult, and a whopping 380 Ethereum ($600,000) with 500 Trillion Shik, Twitter stepped in and did its best.
@Gainzy222 troll culture
Founders Still Send Vitalic Free Coins So You Can Dump It On The Open Market And Turbo-Nuke The Project
Great use of funds, tremendous marketing, advanced +ev, what can go wrong pic.twitter.com/2J3RPQ9Gvw
— Gainzy (@gainzy222) March 7, 2023
One person’s trash is @GonSendIt’s profit
GooGoo GaGa Stacking all acquired tokens #FromVitalik @vitalikerc20 Wen @Vitalik Buterin tweet we go GIGA 0/0 tax #vitalic Next $ Tyrant $The millions of programs pic.twitter.com/n5gQE4GPnO
— 🩸DR. Drip 🩸 (@GonSendIt) February 25, 2023
Some think stupid people are making a big deal when they didn’t ask for the token in the first place
I honestly think it’s really stupid to send him a token he didn’t ask for.If $ cult You can speed up and throw away the rest.
— Pisen (@pisen900) March 7, 2023
After trading, the tokens experienced a natural price plunge, with the exception of Mops, which inexplicably surged over 85%. Cult is down over 8%, Shik is down nearly 70%, and BITE is down over 6%. Despite Buterin’s dumping, tokens seem to benefit from the attention.
Mops has increased 216% in price over the last 24 hours. We are also looking for interesting tweets.
$MOPS & $ Ohmi & $BPEG 🤔Who will perform best in the market?#1000x Gems pic.twitter.com/Hn1s8TQjrj
— Sheep Whale Fish (@EthSheepwhale) March 7, 2023
Then the cult bull
The reason for this occurrence remains unknown, but similar token crashes have occurred in the past due to Buterin’s token dumps. However, the Shiba Inu (SHIB) has seen a notable surge in value since its dumping. The project has strived to rebrand itself as more than just a meme coin and offer greater utility to its users.
Speculation of Vitalik as a low-cap market whisperer?
I often hear people say, “What if Guardian sells?”good @Vitalik Buterin Charts down 9%, dip eaten in, $ cult The treasury will be full.
So… ✅ nothing will happen if the guardian sells
— StillCoSDAO🩸🩸🩸 (@SCRPTX_) March 7, 2023
@MPtherealMVP I could walk, so Vitalik could run
Vitaluk dumping his sh*tcoin pic.twitter.com/LySPLar5OL
— Dorian Batika (@temp_projects) March 7, 2023
@LilMoonLambo predicts upcoming bowler activity
vitalic damping $BITE Just submitted to Price Discoverypic.twitter.com/v7H5aGX4TM
— Lil Moon Lambo (@LilMoonLambo) March 7, 2023
