HomeCryptocurrency NewsAltcoinsVitalik dumps $700K worth of shitcoins that he never asked for
Vitalik dumps 0K worth of shitcoins that he never asked for
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Vitalik dumps $700K worth of shitcoins that he never asked for

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Ethereum co-founder Vitalik Buterin has gone on a shitcoin promoting spree, exchanging almost $700,000 value of tokens beforehand airdropped to him for Ether (ETH).

According to Etherscan, on Mar. 7 a pockets belonging to Buterin offloaded 500 trillion SHIKOKU (SHIK) for 380.3 ETH ($595,448), almost 10 billion Cult DAO (CULT) for 58.1 ETH ($91,021), and 50 billion Mops (MOPS) for 1.25 ETH ($1,950).

A screenshot of token transactions from Vitalik’s pockets. Source: Etherscan

Due to the low liquidity of the tokens the gross sales had an enormous impact on their costs. The largest value drop from the tokens was SHIK, which recorded an 86% drop following Buterin’s sale in line with CoinMarketCap information.

The complete circulating provide of SHIK is 1 quadrillion, the five hundred trillion beforehand held by Buterin represented 50% of the present provide.

In May 2021 the Ethereum co-founder initiated an identical offload promoting tokens resembling Shiba Inu (SHIB) and Dogelon Mars (ELON) that resulted in value drops of 40% and 90% respectively.

Related: Ethereum value motion and derivatives information verify bears are at the moment in management

While some inside the cryptocurrency neighborhood shared their frustration at Buterin’s choice to promote contemplating the outsized impact it had on the tokens, others recommended it was motivated by the tax implications of receiving airdrops, that are topic to revenue tax in most international locations.

Buterin confirmed he owned the pockets in a 2018 tweet after he was accused of hoarding 75% of the provision of Ether with fellow Ethereum co-founder Joe Lubin in the course of the token’s pre-mining sale.