Vitalik Buterin “discharged” a large number of free tokens from projects, earning 700,000 USD

Vitalik Buterin “discharged” a large number of free tokens from projects, earning 700,000 USD

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2023-03-07 22:10:51

Ethereum founder – Vitalik Buterin has just sold a large number of coins that were airdropped to the wallet, including CULT, SHIK, MOPS and caused their prices to plummet.

The founder of Ethereum just released a series of tokens and raised $ 700,000

Trend sent tokens to Vitalik Buterin’s wallet not knowing where to start, but a series of “grass” projects followed one another. This action can be seen as a “gratitude”, or it can also be to attract attention from the community thanks to the brand “the creator of Ethereum”.

The most famous is probably Shiba Inu (SHIB) when he sent 50% of the total supply of SHIB to him and explained that the purpose was for him to remove this token from circulation. It is estimated that up to now, this asset brings a profit of 8 billion USD for Vitalik himself.

Before that, many people still believed that the guy who founded the Ethereum network would ignore these tokens and let them go into the past – like putting in a burning wallet. But recently, he decided to “sell dogs” to raise money for COVID-19 relief in India.

At that time, the founder of Ethereum sent the message that:

“For all those who intend to issue tokens in the future, PLEASE DO NOT SEND COINS OR DECISION ON YOUR PROJECT WITHOUT MY AGREEMENT! I don’t want that kind of power.”

The guy also said that if he continues to be sent coins, he may continue to sell them to charity. But these “warnings” seem to have no effect on other project founders. They still keep sending tokens to Vitalik wallet. And then today on March 7, 2023, Vitalik sold a large number of these “airdrop” coins. According to on-chain data, the young founder sold:

  • 50 billion MOPS dog memecoin tokens for 1.25 ETH (about 2,000 USD);
  • 10 billion Cult DAO project tokens (CULT) for 58 ETH (about 91,000 USD);
  • 500 trillion Shikoku Inu dog memecoin tokens (SHIK) for 380 ETH (approximately $600,000 USD).

When half of the total supply was discharged, the price of SHIK, plummeted, lost most of its value. The CULT price also dumped 14% because of Vitalik’s selling pressure.

CULT token price plummeted after the release

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