Vitalik Buterin sows panic in the crypto market by massively selling his wallet

Ethereum co-founder Vitalik Buterin is selling most of the shitcoins he held in his main wallet. Coins sold by Vitalik Buterin are being stolen, just like last time when shitcoins lost a lot of value after he sold a huge amount of them.

Lookonchain revealed in a March 7 tweet that Vitalik Buterin is selling most of the free shitcoins he has received at wallet address 0xAb58…9B. So far, he has already sold 50 billion MOPS for 1.25 ETH, 10 billion CULT for 58 ETH and 500 trillion SHIK for 380 ETH.

In addition, Vitalik Buterin sold 3.4 million BITE for 5.9 ETH. He also transferred 214 ETH worth $337k to EthDev.

Twitter reaction: Vitalik Buterin is getting rid of his shitcoins

Crypto Twitter is disappointed that Vitalik Buterin is selling the shitcoins he owns as it affects these low value projects and the investors who own them. Others are unhappy that projects are sending free tokens to Vitalik. The price of SHIK dropped by 95.8% after Vitalik sold the token.

Vitalik Buterin knows that selling free shitcoins can lead to lower prices and a significant drain on liquidity. Some think he is selling to cover his expenses, as they will be counted as income on his tax bill.

Others believe it has something to do with testnet tokens, specifically ETH Goerli. According to DEXTools data, almost $0.5M worth of gETH has been traded in the last 24 hours, with 11.88M GETH currently in circulation and 2.05K token holders.

According to Etherscan, Vitalik currently owns 666 SHIK and 10 billion CULT. However, he sold all parts of MOPS.

Ethereum price before Ethereum Shanghai update

The price of Ethereum (ETH) has jumped almost 1% in the last 24 hours and is currently trading at $1,573. The 24-hour minimum and maximum are $1,559 and $1,579 respectively.

In addition, the volume of trading over the past 24 hours remains unchanged, indicating that traders are waiting for the testimony of US Federal Reserve Chairman Jerome Powell before congressional committees.

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