Ethereum co-founder Vitalik Buterin has recently sold a significant amount of cryptocurrencies, commonly referred to as “shitcoins”, which were previously airdropped to him. The total value of these tokens was approximately $700,000, and he exchanged them for Ether (ETH), which is currently valued at $1,553.
Vitalik Buterin sold a significant amount of cryptocurrencies previously airdropped to him.
- The sales were conducted through his digital wallet on Etherscan on March 7.
- He sold 500 trillion SHIK for ~380 ETH, worth ~$595,448.
- He also sold almost 10 billion CULT Tokens for ~58 ETH, worth ~$91,000, and 50 billion MOPS tokens for ~1.20 ETH, worth ~$1,900
- Buterin’s holdings represented a large portion of the circulating supply for some of the tokens, resulting in a significant drop in their prices, particularly SHIK, which experienced an ~90% decrease.
( As Vitalik Buterin’s holdings represented a significant portion of the circulating supply for certain tokens, his recent sales have led to a substantial drop in their prices. )
The low liquidity of the tokens meant that the sales had a significant impact on their prices.
Notably, SHIK experienced the largest price drop, with a decrease of ~90%, following Buterin’s sale, as per CoinMarketCap data.
It is worth noting that the total circulating supply of SHIK is 1 quadrillion, and the 500 trillion SHIK previously held by Buterin represented 50% of the current supply.
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