Vitalik Buterin dumps memecoins ahead of Ethereum Shanghai

Ethereum co-founder Vitalik Buterin sells most of the shitcoins he had in his main wallet. The coins that Vitalik Buterin sold are getting stretched, similar to the last time shitcoins lost most of their value after he dumped massive amounts of shitcoins.

Look on chain in one tweet on March 7 revealed that Vitalik Buterin mainly sells free shitcoins that he received at the wallet address 0xAb58…9B. At the moment, he has already sold 50 billion MOPS for 1.25 ETH, 10 billion CULT for 58 ETH and 500 trillion SHIK for 380 ETH.

Furthermore, Vitalik Buterin has sold 3.4 million BITE for 5.9 ETH. He has also been transferred 214 ETH worth $337,000 to EthDev

Crypto Twitter Response Vitalik Buterin Dumping Shitcoins

Crypto Twitter is disappointed with Vitalik Buterin for selling shitcoins he owned as it affects these low value projects and investors who own them. Others are angry about projects sending free tokens to Vitalik. The SHIK price dropped 95.8% after Vitalik dumped the token.

Vitalik Buterin is aware that selling free shitcoins can drive prices down and greatly erode liquidity. Some think he’s selling to cover expenses since it will count as income on his tax sheet.

Meanwhile, others think it has something to do with testnet tokens, especially Goerli ETH. According to data from DEXTools, nearly $0.5 million worth of gETH was traded in the past 24 hours, with a total of 11.88 million GETH in circulation and 2,05,000 token holders at the time of writing.

According to Etherscan data, Vitalik currently has an additional 666 SHIK and 10 billion CULT. However, he has sold all MOPS coins.

Ethereum Price Before Ethereum Shanghai Upgrade

The price of Ethereum (ETH) is up nearly 1% in the past 24 hours, with the price currently trading at USD 1,573. The 24-hour low and high are $1,559 and $1,579 respectively.

In addition, trading volume remained flat over the past 24 hours, indicating that traders are awaiting US Fed Chairman Jerome Powell’s testimony before congressional committees.

Also Read: Will Powell Hearing Silvergate Flush FUD Out Of Crypto Market?

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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