Vitalik Buterin, the co-founder of Ethereum, has recently sold some of his altcoin holdings. The tokens he sold were deemed to have “no cultural or moral value.” Buterin sold 9.9 billion CULT tokens, the native token of the CultDAO, as well as his holdings in BITE and MOPS. Blockchain analyst PeckShield estimated the total sales to be worth 220 ether, which is currently valued at USD 332,420.
In a Reddit post, Buterin referred to BITE and most other coins discussed on the forum as “s**tcoins” with no redeeming cultural or moral value. He advised caution and warned that investing in such projects could lead to significant losses.
This isn’t the first time Buterin has made waves in the crypto world. He previously burned his holdings in shiba inu (SHIB) tokens worth $6 billion, after receiving half of the token’s supply. Buterin said he didn’t want to hold such a significant proportion of the tokens, and the move caused a swing in the price of the token.
While Buterin’s recent sales represent a relatively small portion of his overall holdings, they have garnered attention due to his prominent role in the crypto community. His actions may also prompt others to reconsider the value of certain altcoins.
