Ethereum Creator Vitalik Buterin Dumps Multiple Memecoins, Is A Crypto Crash Imminent?

Ethereum co-founder Vitalik Buterin is selling most shitcoins he held in his main wallet address. The coins Vitalik Buterin sold are getting rekt, similar to last time when shitcoins lost most value after he dumped massive amounts of shitcoins.

Lookonchain in a tweet on March 7 revealed that Vitalik Buterin is selling mostly free shitcoins he received to the wallet address 0xAb58…9B. At present, 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 3.4M BITE for 5.9 ETH. He has also transferred 214 ETH worth $337k to EthDev

Crypto Twitter Reaction Vitalik Buterin Dumping Shitcoins

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

Vitalik Buterin is aware that selling free shitcoins can tank prices and drain liquidity massively. Some believe he is selling to cover the expense, as these will count as income on his tax sheet.

Meanwhile, others think it has something to do with testnet tokens, especially Goerli ETH. According to DEXTools data, nearly $0.5 million worth of gETH was traded in the past 24 hours, with 11.88 million total GETH in circulation and 2.05k token holders at press time.

As per Etherscan data, Vitalik currently holds another 666 SHIK and 10 billion CULT. However, he has sold all MOPS coins.

Ethereum Price Ahead of Ethereum Shanghai Upgrade

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

Furthermore, the trading volume continues to be flat in the last 24 hours, indicating traders await US Fed Chair Jerome Powell’s testimony before the congressional committees.

Also Read: Will Powell Hearing Wash Out Silvergate FUD From Crypto Market?