Vitalik Buterin Nets Over 220 ETH Unloading Altcoins Like CULT, MOPS and SHIK

By selling off a number of ambiguous crypto assets, Vitalik Buterin has made almost 220 ETH. On March 7, the cryptocurrency service PeckShield tweeted that an address connected to Vitalik Buterin had rel 58 ETH ($91,500), and 214 ETH ($337,000), respectively. Eventually, 3.4 million BITE were also sold from the address, and they were exchangeeased the coins MOPS, CULT, and SHIK. A total of 50 billion MOPS, 9.9 billion CULT, and 5 trillion SHIK were expelled from the address.

The address thus received gains of 1.24 ETH ($1,960),d for 5.9 ETH, or $9,250. 214 ETH were sent to an EthDev address for the SHIK leak.

These currencies and the projects they are linked to are not widely recognized, and many people refer to them as “sh*tcoins,” a phrase used to denote subpar enterprises. For instance, CULT is the token of CULT DAO, a project claiming CULT transactions are used to support investments in decentralized technologies, while MOPS is a “doge-themed” token initiative that seems to be a meme currency

The token for the Shikoku project, which resembles a meme currency project, is called SHIK. A “decentralized asset management platform,” Dragonbite is linked to web3. In the wake of the transactions, the tokens have obviously collapsed. The only exception is MOPS, which has unexpectedly increased by more than 85%. SHIK is down about 70%, CULT is down over 8%, and BITE is down over 6%.

Naturally, there is no information available that explains why this has occurred. Similar drops in token prices have occurred when Buterin has dumped tokens in the past. Shiba Inu (SHIB) is the lone exception, since its value has significantly increased since it was dumped. The initiative has made an effort to reorient itself and provide more value than simply a meme currency project.

In 2021, Buterin burnt SHIB worth billions, sparking a heated debate. Even some of those proceeds were given to philanthropic organizations, such as the India COVID-19 Relief Fund. He said that he didn’t “want to be a centre of power of that type” after thinking back on the whole affair.

In addition, he dumped 25 trillion SHIT tokens in 2022, which is another instance of dumped tokens. Market watchers often check Buterin’s wallet to observe the activity, and any moves might cause rapid price changes.