• Vitalik Buterin has converted over $700,000 worth of various altcoins into ETH.
• He also sent EthDev 214 ETH, valued at over $337,000.
• Negative Effect on Low-value Projects due to sale of shitcoins.
Vitalik Buterin Swaps Gifted Altcoins by New Projects Into ETH
Vitalik Buterin, the co-founder of the world’s second-largest blockchain Ethereum, has recently swapped souvenirs in form of altcoins that he was gifted for new projects into Ethereum (ETH) tokens. On-chain data portal Lookonchain reports that Vitalik Buterin has converted over $700,000 worth of various altcoins into ETH.
Swapping Altcoins For Profits
Buterin made a profit from the sale of 50 billion MOPS coins and 58 ETH from the sale of 10 billion CULT coins and 380 ETH from the sale of 500 trillion SHIK coins respectively. He also made a 5.9 ETH profit on the sale of 3.4M BITE tokens. Moreover, he sent EthDev around 214 ETH which is valued at over $337,000 USDT equivalent value as per current market rate.
Negative Impact On Low-Value Projects
However this decision to sell his altcoin holdings didn’t quite please many crypto Twitter community members as it had negative implications on low-value projects and those investors who funded them with their hard earned money. There were widespread complaints that Vitalik was receiving free tokens from several projects and once he sold his SHIK coin holdings the price dropped 95%.
Goerli Testnet Tokens
There are now 11.88 million GETH in circulation with 2k token holders according to DEXTools statistics indicating 24 hour trading volume around half million dollars i.e 0 .5 million dollars approximately . Further Etherscan stats indicate that Vitalik still holds additional 666 SHIK and 10 billion CULT coins with him . However all his MOPS coins have been sold off already . The Shanghai Upgrade will be affecting prices in near future however recent unloading may or may not even have any connections whatsoever .
Overall it can be seen that although Vitalik Buterin’s decision to sell shitcoins might have negative effects on low value projects , yet he understands well that selling free shitcoins may have devastating effects on markets as well . It remains clear whether recent unloading is connected to upcoming Shanghai upgrade or not but one thing remains true — That is , Vitalik’s decision will most certainly affect crypto markets significantly in coming future days or weeks ahead..