Vitalik dumps $700K worth of shitcoins that he never asked for

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Ethereum co-founder Vitalik Buterin has been selling shitcoins, exchanging $700,000 worth of tokens that were previously airdropped to him for Ether (ETH).

according to Offloaded 500 Trillion Shikoku (SHIK) at 380.3 ETH ($595,448) and nearly 10 billion Cult DAO (CULT) at 58.1 ETH ($91,021) to Etherscan, a wallet owned by Buterin, on March 7 We offloaded and offloaded 50 billion Mops (MOPS) for 1.25 ETH ($1,950).

The sale had a significant impact on the price due to the token’s low liquidity. According to CoinMarketCap, the biggest price drop from the token is SHIK, which registered an 86% decline after the sale of Buterin. data.

#PeckShieldAlert $SHIK (Shikoku) -95.8% decrease
Vitalik Buterin labeled addresses dumped up to 5T $SHIKand got ~164 $ETH (~260k) Transferred 214 $ETH ($337,000) to EthDevhttps://t.co/Uw6TA1RDKP pic.twitter.com/FuIbgGgrdA

— PeckShieldAlert (@PeckShieldAlert) March 7, 2023

SHIK has a total circulation of 1,000 trillion, with Buterin’s previous holdings of 500 trillion representing 50% of its current supply.

In May 2021, the Ethereum co-founder launched similar off-road selling tokens such as Shiba Inu (SHIB) and Dogeron Mars (ELON), resulting in 40% and 90% price drops respectively.

Related: Ethereum Price Action and Derivatives Data Confirm the Bears Are Currently in Control

Within the cryptocurrency community share Some were frustrated by Buterin’s decision to sell given the huge impact it would have on the token, while others were motivated by the tax implications of receiving airdrops, which are subject to income tax in most countries. Some suggest that

It seems like a strange move, but he is fully aware that this will push prices down and drain liquidity. One of my guesses for him is that his accountant warned him that these tokens would count as income on his tax returns.sell to cover costs

— SecureZero  (@securezero) March 7, 2023

Buterin admitted to owning the wallet in 2018. Tweet He was accused of hoarding 75% of the Ether supply along with fellow Ethereum co-founder Joe Rubin during the token’s pre-mining sale.