- 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
Bitcoin Weekly Forecast: BTC remains calm before a storm
Bitcoin price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday. A K33 Research report explains how the markets are relatively calm and shaping up for volatility as investors absorb the tariff announcements.
Donald Trump’s tariff policies set to increase market uncertainty and risk-off sentiment
US President Donald Trump’s tariff policies are expected to escalate market uncertainty and risk-off sentiment, with the Kobeissi Letter’s post on X this week cautioning that while markets may view the April 2 tariffs as the "end of uncertainty," it anticipates increased volatility.
Ethereum Price Forecast: Whales increase buying pressure as developers set April 30 for Pectra mainnet upgrade
Ethereum developers tentatively scheduled the Pectra mainnet upgrade for April 30 in the latest ACDC call. Whales have stepped up their buying pressure in hopes of a price uptick upon Pectra going live on mainnet.
BTC stabilizes while ETH and XRP show weakness
Bitcoin price stabilizes at around $87,000 on Friday, as its RSI indicates indecisiveness among traders. However, Ethereum and Ripple show signs of weakness as they face resistance around their key levels and face a pullback this week.
Bitcoin: BTC remains calm before a storm
Bitcoin (BTC) price has been consolidating between $85,000 and $88,000 this week, approaching the lower boundary of the consolidation range when writing on Friday.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.