- Vitalik Buterin shed his non-Ethereum shitcoin holdings of MOPS, CULT, and SHIK in exchange for nearly 440 ETH.
- With the Shanghai upgrade around the corner, the Ethereum founder cleaned his portfolio of small market capitalization holdings, shitcoins.
- Projects send free tokens to Buterin, while the Ethereum founder sells it, draining the liquidity of the low market capitalization projects.
Vitalik Buterin has shed his non-Ethereum small market capitalization holdings of tokens like MOPS, CULT, SHIK ahead of the Shanghai upgrade. The Ethereum Shanghai upgrade is key to the altcoin’s ecosystem as it precedes ETH token unlock.
Also read: Ethereum blockchain deploys feature to help ETH users recover crypto if they lose private keys
Vitalik Buterin sheds MOPS, CULT, SHIK holdings in exchange for Ethereum
Vitalik Buterin, the founder of Ethereum is gearing up for ETH Shanghai upgrade. Buterin cleared his portfolio of small market capitalization tokens, “shitcoins” that projects airdrop to his wallet address.
A shitcoin is a cryptocurrency with little to no value that has no discernible utility or purpose. Buterin sold tokens like Mops (MOPS), Cult DAO (CULT), Shikoku (SHIK), exchanging them for nearly 440 ETH worth $691,000.
Vitalik Buterin’s sale of shitcoins
Shitcoin projects typically send their tokens to Buterin’s wallet address for increasing their popularity and relevance in the crypto community. Most of the shitcoins have a relatively low market capitalization, therefore Buterin’s sale drains their liquidity and triggers a massive price drop.
The Ethereum founder sold 50 billion MOPS for 1.25 ETH, 10 billion CULT for 58 ETH and 500 Trillion SHIK for 380 ETH. Post Buterin’s sale, CULT and SHIK witnessed an 8% and 58% drop in their prices respectively.
Crypto Twitter is disappointed with Buterin for the sale of the shitcoins as it has a massive impact on the low-value projects and its token holders. Buterin is aware that selling free shitcoins can tank prices and drain liquidity massively. Market participants believe the Ethereum founder is selling to cover his expenses as this could count as income on his tax sheet.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.