Vitalik Buterin dumped several tokens in the market, including CULT, MOPS, and SHIK. The prices of most of these have crashed as a result.
Vitalik Buterin, after selling off several questions crypto tokens, has netted over 220 ETH.
Crypto service PeckShield tweeted on March 7 that an address associated with Vitalik Buterin had let go of the tokens MOPS, CULT, and SHIK. Specifically, the address saw an outflow of 50 billion MOPS, 9.9 billion CULT, and 5 trillion SHIK.
As a result, the address gained 1.24 ETH ($1,960), 58 ETH ($91,500), and 214 ETH ($337,000), respectively. Later on, the address also saw 3.4 million BITE sold, which was traded for 5.9 ETH, or $9,250. For the SHIK dump, 214 ETH was transferred to an EthDev address.
These tokens and their associated projects are far from well-known, and many consider them “sh*tcoins,” a term used to describe low-quality projects. For example, MOPS is a “doge-themed” token project, seemingly a meme coin, while CULT is the token of CULT DAO, a project claiming CULT transactions are used to fund investments in decentralized technologies.
SHIK is the token of the Shikoku project, another that seems to take on the form of a meme coin project. Dragonbite is a “decentralized asset management platform” that is associated with web3.
Price Crashes Follow
The tokens have naturally crashed following the transactions. The one exception is MOPS, which has shot up by over 85% for some reason.
CULT is down by over 8%, SHIK by nearly 70%, and BITE by over 6%.
Of course, there’s no information explaining exactly why this has happened. Buterin has dumped tokens in the past, which has resulted in similar crashes in tokens.
The one exception is Shiba Inu (SHIB), which has seen a tremendous rise in value since it was dumped. The project has tried to turn itself around and offer more utility, as opposed to just serving as a meme coin project.
Not the First Time Vitalik Buterin Has Dumped Tokens
Buterin burned billions worth of SHIB in 2021, setting off massive discussions. He even donated some amount of those funds to charitable causes, including the India COVID-19 Relief Fund. Reflecting on the whole incident, he said that he didn’t “want to be a locus of power of that kind.”
Other incidents of dumping include a token called SHIT, of which he let go 25 trillion tokens in 2022. Market enthusiasts often keep an eye on Buterin’s wallet to see the activity, and any actions can result in massive price swings.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.