Vitalik Buterin is doing 220 $ETH worth of spring cleaning
Vitalik sells of altcoins
Earlier this week Vitalik sold a portion of the altcoins he has, to the tune of some 220 $ETH worth. Or roughly around $330,000 dollars worth of altcoins. Most of these coins are coins that were given to him, simply for being him. But just because they were free and a gift has not meant Vitalik was a fan of them.
He has reportedly said that most of them were “shitcoins”, coins that have “no cultural or moral value” and ultimately will cause investors to lose most of their money. And he is most likely very correct in those assessments. It is however not the first time Vitalik has sold off altcoins. He sold some $6 billion worth of shiba inu back in 2021, after he was gifted half of all the coins at its inception. Back then he said he was very uncomfortable with having the power that comes with having such a large holding of shiba inu.
One of the most heavily affected coins after Vitaliks spring cleaning was $CULT, which made up one of the largest parts, 58 $ETH, of the 220 $ETH. This made the coin more or less instantly drop 13.7%. $BITE and $MOPS are also two other coins he sold. Hopefully, you are not a holder of any of the altcoins Vitalik just sold, as presumably most of them fell to some degree just like $CULT did.
What do you think is behind Vitalik selling off such a fairly large portion of the “shitcoins” he has in possession? Is there anything to the timing of it, or is it just business as usual? Please share your thoughts in the comment section below. If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead.
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