In a surprising move, Ethereum founder Vitalik Buterin has reportedly sold off billions of dollars worth of “free shitcoins,” according to a tweet from popular cryptocurrency tracker LookOnChain. The tweet detailed the sale of 50 billion MOPS for 1.25 Ethereum ($2K), 10 billion CULT for 58 ETH ($91K), and 500 trillion SHIK for 380 ETH ($600K).
This news has sparked a range of reactions from the cryptocurrency community, with some expressing confusion at Buterin’s decision to sell off these tokens. One user commented that it seemed like a “strange move,” as Buterin would have been aware that selling such a large amount of tokens could potentially tank their prices and drain liquidity.
However, other users pointed out that this is not the first time Buterin has sold off tokens in this way. Some suggested that the sale may have been prompted by the fact that these tokens would count as income on Buterin’s tax sheet, and selling them was a way to cover the expense.
Others speculated that the sale might have been driven by the current bear market affecting Buterin’s finances. Some users joked that he might be holding onto the remaining 10 billion CULT tokens as a “moon-bag.”
Interestingly, some users pointed out that Buterin has spoken publicly about his dislike of projects sending him tokens as a way to legitimize themselves. He has previously explained that he finds this practice unnecessary and prefers to donate any funds he receives.
However, it remains unclear what Buterin’s motivations were for selling off these tokens. Some users have suggested that he may simply have been cleaning out his wallet. Regardless of the reasons behind the sale, it is clear that Buterin’s actions have generated significant discussion within the cryptocurrency community.
Ethereum Price Analysis
The world’s second-largest cryptocurrency, Ethereum, is currently facing a surge of selling pressure due to increased volatility linked to the Silvergate Debacle. As a result, the price of Ethereum has experienced a slight dip in the past 24 hours, with a bearish trend observed on the weekly chart showing a 4.37% decrease.
Currently, ETH is trading at $1,564.82, and although it’s down in the short term, it’s still up by 30% since the beginning of the year. Furthermore, the $1,550 support level has held firm in recent days, indicating that Ethereum is unlikely to fall to the lows seen last year. Despite the current market turbulence, Ethereum’s strong fundamentals suggest that it will continue to rise once the market stabilizes.
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