Reactions Pour In as Vitalik Buterin Offloads $700k Worth of Shitcoins

Ethereum co-founder Vitalik Buterin sold a significant amount of crypto tokens which sparked several reactions from the crypto community. The alleged dump by Vitalik prompted the prices of affected cryptos to exhibit some volatility, with users interpreting the situation with varying opinions.

Vitalik’s recent transactions include 50B Mops for 1.25 Ethereum ($2,000), 10 billion Cult for 58 Ethereum ($91,000), and 500 trillion Shik for 380 Ethereum ($600,000). Altogether, these transactions summed up to about $703,000.

Many crypto users have questioned why Vitalik sold so much volume of tokens at once. They also analyzed the nature of the tokens involved in the transactions, with the general agreement that they are “Shitcoins,” a term used to describe crypto tokens with little or no real-world value.

There are varying speculations over Vitalik’s purpose in selling the tokens. A part of the crypto community thinks the sell-off was because of the bear market situation. Another segment believes he offloaded the tokens to relieve himself of the income tax responsibilities that they attract.

There is a belief among crypto users that founders in the industry, especially those of smaller projects maintain the habit of sending project coins to Vitalik. Some users who responded to the sell-off took a swipe at such founders. One respondent questioned the logic behind such actions, noting that Vitalik could as well choose to dumb such free tokens just when the project may be picking up steam.

Apart from Mops, the price of all the other tokens dumped by Vitalik experienced a temporary crash. Cult fell by over 8%, Shik by nearly 70%, and BITE by more than 6%. In Mops’ case, the price rose by 85%, and continued to surge, reaching an impressive 216% profit in 24 hours. Despite the sell-off by Vitalik, the tokens seem to benefit from the attention it has generated.