Ethereum founder Vitalik Buterin is causing price turbulence for Altcoins

• Coins with no moral or cultural value
• Short-term price movements through selling
• Investing in Ethereum-pegged stablecoin

Vitalik Buterin, Ethereum inventor and technology fan, is known for his clear and reflective statements on the crypto market and his negative attitude towards unsustainable crypto projects and Bitcoin. In his blog, as well as on the relevant social media portals, he has repeatedly stated that in times of falling prices, only projects that focus on continuously improving their technology would survive.


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Now, Buterin is apparently cleaning up his wallet, recently selling 9.9 billion Cult DAO tokens as well as his holdings of BITE and Mops coins. In total, Buterin recently had sales worth around 220 Ethereum resp. around 391,993 US dollars (as of March 20, 2023). According to CoinDesk, Buterin justified the sale of his altcoins by saying that they had no further value for him – neither culturally nor morally. Regarding the BITE coin and similar tokens, he wrote on Reddit that they are “S**tcoins”, they have “no redeeming cultural or moral value and will probably lose most of the money invested in them. I reject these projects to the highest degree.”

According to a report by BTC Echo, which cites data from Lookonchain, Buterin also minted around $600,000 worth of SHIKOKU tokens. He brought the Altcoin a price drop of 66 percent within one day.

In 2021, Buterin had sparked a huge surge in the Shiba Inu meme coin by dumping its $6 billion holdings. According to CoinDesk, he said at the time that he did not want to hold half of a token inventory and thus have such power over the course.

Buterin invests in relatively unknown coin

Also of interest are the recent purchases made from Vitalik Buterin’s wallet. On 03/11 According to Etherscan, a total of 500 ethers were transferred from the wallet vitalik.eth to the Reflexer protocol in order to mine the relatively unknown stablecoin Rai Reflex Index.

As CoinDesk reports, Buterin had positively highlighted the mechanism of the stablecoin, which is fully backed by Ethereum and is not tied to the US dollar.

After the collapse of the Silicon Valley Bank and the report of the 3.3 billion deposits of the stablecoin issuer circle at the bank, there were price drops in numerous cryptocurrencies. RAI also decoupled itself from Ethereum for a short time, but was able to recover less than 48 hours later and regain the connection to Ether. This brought bargain buyers a quick profit of around 10 percent.

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