Ethereum founder Vitalik Buterin has just sold a large number of “free” coins including CULT, SHIK, MOPS, .. for about 700,000 USD. SHIK price dumped more than 95% because of this dump.
Vitalik Buterin is the famous founder of Ethereum, the underlying protocol on which many other projects are built. From time to time, founders who create a project with a token available tend to send a portion of the total token supply to Vitalik’s wallet address.
This action can be seen as a “gratitude”, or to attract attention from the community – who always follow Vitalik’s wallet address. Or it can also mean proving that this project can work smoothly.
Perhaps the most famous is that Shiba Inu (SHIB) intentionally sent 50% of the total supply of SHIB to him and explained in the whitepaper that the purpose was to remove those tokens from circulation. Soon SHIB was up more than 100%, bringing in a profit of $8 billion for Vitalik.
When the community thought Vitalik didn’t care about these “free” coins, he suddenly decided to “sell dogs” to raise money for COVID relief in India.
At that time, the founder of Ethereum sent the message that:
“For all those who intend to issue tokens in the future, PLEASE DO NOT SEND COINS OR DECISION ON YOUR PROJECT WITHOUT MY AGREEMENT! I don’t want that kind of power.”
The guy also said that if he continues to be sent coins, he may continue to sell them to charity.
But these “warnings” seem to have no effect on other project founders. They still keep sending tokens to Vitalik wallet.
And then today on March 7, 2023, Vitalik sold a large number of these “airdrop” coins. According to on-chain data, the young founder sold:
vitalik.eth (@VitalikButerin) is selling his free shitcoins.
Currently sold 50B $MOPS for 1.25 $ETH($2K), sold out 10B $CULT for 58 $ETH($91K), sold out 500T $SHIK for 380 $ETH($600K).https://t.co/SboWZsO8WY pic.twitter.com/xNaRTeVM7K
— Lookonchain (@lookonchain) March 7, 2023
50 billion dog memecoin tokens MOPS for 1.25 ETH (about 2,000 USD);
10 billion Cult DAO project tokens (CULT) for 58 ETH (about 91,000 USD);
500 trillion Shikoku Inu dog memecoin tokens (SHIK) for 380 ETH (approximately $600,000 USD).
It is quite sad (laughs) that the above 500 trillion SHIK figure is half the total supply of the Shikoku Inu project. This project acts similar to the previous Shiba Inu, sending half of the total supply to the Ethereum creator and “calling” him to burn them.
The project even created a contest to invite the community to send a message to Vitalik, asking him to burn his SHIK number.
@VitalikButerin has sold all the #SHIK allocated to him today, that we asked him very kindly to burn and donate. Confirm below.https://t.co/425wf5qOt6https://t.co/vNfM6niHIPhttps://t.co/BCkLFPldfs
Although it may be a painful time for the community now… 🧵 (1/?)
— Shikoku! (@shikokuinucoin) March 7, 2023
And guess what, when half of the total supply is discharged, what will be the price of SHIK…
The CULT price also dumped 14% because of Vitalik’s selling pressure.
#PeckShieldAlert $CULT (Cult DAO) has dropped -13.7%
Vitalik Buterin-labeled address has dumped ~9.9B $CULT for ~58 $ETH ($91.5k) https://t.co/Vq92EO5vDa pic.twitter.com/tc8llKJQ0I
— PeckShieldAlert (@PeckShieldAlert) March 7, 2023