Reactions Over Buterin’s Sale of $700k Worth of Cryptos
- Vitalik Buterin offloaded Mops, Cult, and Shik for around $700k.
- The crypto community questioned the reason behind Vitalik’s latest sell-off.
- Crypto users speculated that Vitalik sold the tokens to dodge income taxes.
Ethereum co-founder Vitalik Buterin’s recent offload of crypto tokens sparked a lot of reactions from the crypto community. The supposed dump by Vitalik made the prices of affected digital assets to experience some volatility, prompting users to give their opinions on the matter.
#PeckShieldAlert $SHIK (SHIKOKU) has dropped -95.8%Vitalik Buterin-labeled address has dumped ~5T $SHIK, and gained ~164 $ETH (~260k) and transferred 214 $ETH ($337k) to EthDevhttps://t.co/Uw6TA1RDKP pic.twitter.com/FuIbgGgrdA
— PeckShieldAlert (@PeckShieldAlert) March 7, 2023
Vitalik’s transactions included 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 amounted to approximately $703,000.
Many crypto users questioned the motive behind Vitalik’s move to sell such a large volume of tokens. They also looked at the nature of the tokens involved in the transactions, with the consensus that they are “Shitcoins,” a term used to describe crypto tokens with almost no real-world value.
The crypto community had different theories about why Vitalik sold the tokens. Some users think it was due to the bear market situation, while others opined that he wanted to get rid of the income tax responsibilities that come with such tokens.
I honestly think it’s really dumb to send him tokens that he didn’t ask for. If $CULT picks up speed he could very well dump the rest of it.
— Pisen (@pisen900) March 7, 2023
Apart from Mops, the price of all the other tokens dumped by Vitalik experienced a short-term dip. Cult fell by more than 8%, Shik by almost 70%, and BITE by over 6%. In the case of Mops, the value rose by 85%, and it continued to grow, recording an impressive 216% profit in just 24 hours. Despite the sell-off by Vitalik, the tokens seem to benefit from the attention it has brought.
The post Reactions Over Buterin’s Sale of $700k Worth of Cryptos appeared first on Coin Edition.
See original on CoinEdition
