Vitalik Buterin, the founder of Ethereum (ETH) and a well-known figure in the cryptocurrency space, comes to the fore with the activity in his wallet. According to the latest developments, Vitalik Buterin has generated a total of $700,000 in sales from various projects. Here are the details…
Vitalik Buterin sells $700,000 in altcoins
Vitalik Buterin, the founder of Ethereum, made headlines after selling a substantial amount of tokens from various projects including CULT, SHIK and MOPS for a total of around $700,000. The move caused the SHIK price to drop over 95 percent. Buterin is known for creating the Ethereum platform, which has been used as the foundation for numerous projects.
vitalik.eth (@VitalikButerin) is selling his free shitcoins.
Currently sold 50B $MOPS for 1.25 $ETH($2K), sold 10B $CULT for 58 $ETH($91K), sold 500T $SHIK for 380 $ETH($600K).https://t.co/SboWZsO8WY pic.twitter.com/xNaRTeVM7K
— Lookonchain (@lookonchain) March 7, 2023
It’s common for token creators to send a portion of their total token supply to Vitalik’s wallet as a way to express their thanks or get the attention of the community. In addition, this transfer, according to some, shows that the project can run smoothly. One of the best-known examples of coins being sent to Buterin’s wallet is the Shiba Inu’, which deliberately sent 50 percent of its total supply to Buterin, causing the price of SHIB to increase by over 100 percent and earning Buterin $8 billion in profit. stop (SHIB).
Despite this profit, Buterin sold a significant amount of these tokens to raise funds for COVID-19 relief efforts in India. In response to token issuers, Buterin issued a warning against sending coins or making decisions regarding their projects without their consent. Despite his warning, other project creators continue to send tokens to his wallet.
Buterin was expected to “burn” the coins
Recently, Buterin sold a large amount of the tokens distributed with this airdrop, including 50 billion MOPS with 1.25 ETH transaction fee, 10 billion CULT for 58 ETH and 500 trillion SHIK for 380 ETH. Interestingly, the 500 trillion SHIK sold by Buterin is half of the total SHIK supply of the Shikoku Inu project, which sends half of its total supply to Buterin, thereby instigating the coin to be burned. The Shikoku Inu project even launched a contest inviting the community to send messages to Buterin and burn the SHIK tokens it received.
We here at Shikoku have always put the interest of the community first. We have always worked in the best interest of those who cared about our vision the most. At the moment, we have more volume than any other DEX pair trading. The holder count is flying up.
(2/?)
— Shikoku! (@shikokuinucoin) March 7, 2023
Time will tell how SHIK’s price will react to the sale of half of its total supply. CULT’s price also fell 14 percent due to Buterin’s selling pressure. In summary, Buterin’s decision to sell these tokens and donate the proceeds to a good cause has generated significant interest in the cryptocurrency community. While many token creators continue to send cryptocurrencies to his wallet, Buterin’s warning could influence the developers’ action. Maybe developers want to get his approval before sending coins to Buterin’s wallet in the future. The market’s reaction to the token sale also highlights the power and influence that founders and early investors can have over these projects.
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