Vitalik Buterin speaks against shitcoins despite recently selling them
The Ethereum founder Vitalik Buterin has just sold over $700,000 worth of tokens that had been airdropped to him. However, in a recent Reddit thread, he mocked shitcoins discussed by the community.
According to Etherscan, Vitalik’s publicly known wallet address had sold 50 billion MOPS tokens, equating to 1.25 ETH (approximately $2,000) when the transaction was complete. He further cashed out 10 billion CULT tokens for 58 ETH (roughly $91,000) and 500 trillion SHIK tokens for 380 ETH (approximately $600,000).
Moreover, according to PeckShield, BITE was one of the tokens he sold during his shitcoin selling frenzy on March 7. He reportedly transferred 3.4 million BITE for around $9,250.
It’s not the first time Buterin dumps coins. In May of 2021, his Shiba Inu and Dogelon Mars (ELON) sell-off caused the values of those tokens to plummet by 40% and 90%, respectively.
In a post published on March 9 on a small subreddit, Buterin referred to the token Bite (BITE) and most other coins discussed on r/Testingtesting62831 as “shitcoins”. He stated that these cryptocurrencies have “no redeeming cultural or moral value and will probably lose you most of the money you put into them.”
It is also possible that Buterin’s message was spurred by the many posts supporting the BITE token on the subreddit, which he started in July 2020 and still moderates today. Nevertheless, the post made him a target for a wave of trolling, with other users of the subreddit increasing the amount of shilling they did and generating memes.
Buterin received a total of 250,000 BITE shortly after posting the tweet he was criticized for. The token is not traded on major price monitoring websites. Nonetheless, blockchain records reveal sales hover around $0.011 per token. This puts the value of the 250,000 tokens delivered to Buterin at around $2,750.
Meanwhile, several Twitter accounts that claim to be connected with the BITE coin and its community have labeled the reference by Buterin as bullish and used the opportunity to buy the token.