The Ethereum co-founder, Vitalik Buterin, recently made headlines after selling several meme-based cryptocurrencies, causing a stir in the crypto community.
Lookonchain reported that Buterin sold a whopping 50 billion units of MOPS for 1.25 ETH, equivalent to around $2,000.
Additionally, he sold 10 billion units of CULT for 58 ETH, which translates to approximately $91,000, and finally, he sold 500 trillion units of SHIK for 380 ETH, approximately $600,000.
The move by Buterin has elicited varied reactions from the crypto world, with some speculating on his motivations for the sales.
Regardless, the sales have drawn attention to the volatile and unpredictable nature of meme-based cryptocurrencies.
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Peckshield, a leading blockchain security firm, has reported a significant drop in the value of meme-based cryptocurrencies following Vitalik Buterin’s recent sale.
According to Peckshield, the value of CULT dropped by 13.7%, while SHIK plummeted by a staggering 95.8%, after Buterin’s sale of these assets.
Interestingly, Buterin’s SHIK address received 164 ETH, while the Ethereum Foundation’s address was credited with 214 ETH.
The transaction has raised eyebrows in the crypto community, with many questioning the motives behind Buterin’s sale and the implications of the sudden drop in value of these digital assets.
This event highlights the unpredictable and often volatile nature of the cryptocurrency market.
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The cryptocurrency community expressed disappointment towards one of the creators of Ethereum for impacting the value of tokens through a sale, causing investors to suffer losses.
A Twitter user found it strange that Buterin, the businessman in question, did not consider the consequences of his actions.
Some speculate that Buterin’s sale of meme cryptocurrencies, which he received for free, may have been driven by the need to declare them in his tax returns and reduce his tax expenses.
Interestingly, this is not the first time that an Ethereum co-founder has divested themselves of “dog coins”.
Buterin had previously sold SHIB, AKITA and ELON crypto assets for 15,719 ETH, which were then donated to charity.