Ethereum (ETH) co-founder Vitalik Buterin dumped unsolicited altcoins (sh*tcoins) in the early hours of March 7, causing the value of these assets to plummet.

on-chain analyst look on chain report buterin sold 50 billion MOPS, 500 trillion SHIK and 10 billion CULT tokens at 439.25 ETH.

Blockchain Security Company PeckShield backed up this report and Added ETH co-founder sold 3.4 million BITE tokens for 4.9 ETH. The company said Buterin said: payment Send 214 ETH to the EthDev address.

Despite his sales, Etherscan data showed Buterin still holds 666 SHIK and 10 billion CULT tokens.

On the other hand, the tokens sold by Buterin are considered shitcoins. That is, a low-quality project with little or no real value other than speculation. Due to Buterin’s popularity in cryptocurrencies, several projects have sent free tokens to his public address to buy free publicity and legitimacy from his members in the community.

buterin dump tank value

According to dexscreener data, the buterin sale ruined the value of these tokens.Around dataBITE is 7% down, CULT is 7.5% down, SHIK is 60% down.

However, MOPS is an exception. Despite the buterin dump, the token has risen 216% in the last 24 hours.

This isn’t the first time Buterin has dumped Coins sent to his address. A notable example is when he burned 90% of his 500 trillion Shiba Inu (SHIBA) tokens sent to his wallet. He also donated $1 billion worth of tokens to his COVID fund in India.

In another case, we donated all AKITA tokens sent to our wallet to the community Multi-Sig on Gitcoin.

Community Debates Over Buterin’s Behavior

Some crypto community members have speculated why Buterin sold the token.Several claimed that he was selling due to bear market conditions, idea He sold because he didn’t want the tokens to count as income on his tax sheet.

On the other hand, cryptocurrency influencer and HEX token creator Richard Heart joked Buterin should not sell the 15 HEX tokens in his wallet.

Interestingly, of the tokens involved in the sale of Buterin, CULT DAO had a large presence at the recent ETHDenver conference, boasting the largest square footage of any project by floor space. DAO also said: main stage, which focuses on the public interest and privacy. At the time of writing, there is no statement from his DAO regarding Buterin’s token dump.

By Jules

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