Shiba Inu (SHIB) Competitor Is the ‘Fastest Rising Asset in Crypto’ by Social Metric, Says Analytics Firm Santiment

September 19, 2023 The Daily Hodl

More Than 80% of the Holders of Shiba Inu and These Three Dogecoin Competitors Are Now Underwater: IntoTheBlock

September 9, 2023 The Daily Hodl

More Than 75% of Shiba Inu and Floki Investors Are Sitting on Losses: Crypto Analytics Firm IntoTheBlock

June 2, 2023 The Daily Hodl

Whales Abruptly Move $195,231,414 in Shiba Inu Rival and Bitcoin From Top Crypto Exchange Amid Market Turbulence

March 24, 2023 The Daily Hodl

‘I anti-endorse these projects’ — Buterin’s shitcoin war sees him sent another 250K

March 10, 2023 Coin Telegraph

Bite

Earlier this week, the Ethereum co-founder sold $700,000 worth of “shitcoins.”

Ethereum co-founder Vitalik Buterin’s latest salvo against “shitcoins” has ended up with him simply being sent more of it.

Only days ago, the Ethereum developer made moves to sell over $700,000 of tokens previously airdropped to him, causing the price of these tokens to fall.

Buterin has since continued his war on apparent “shitcoins.” In a March 9 post on a small subreddit, Buterin labeled crypto token Bite (BITE) and most of the other coins discussed on the r/Testingtesting62831 subreddit as “shitcoins” that have “no redeeming cultural or moral value, and will probably lose you most of the money you put into them.”

“I anti-endorse these projects to the greatest extent.”

*Vitalik Buterin's full post on the Testingtesting62831 subreddit. Source: Reddit*

BITE was one of the tokens Buterin sold in his shitcoin selling spree on March 7, selling 3.4 million BITE for around $9,250, according to PeckShield.

Buterin’s post was also likely prompted by the huge number of posts pushing the BITE token on the subreddit, which he created back in July 2020 and still moderates.

The post set him up for a wave of trolling, however, with other members of the subreddit doubling down on their shilling and creating a number of memes.

One of the posts purportedly trolling the Ethereum co-founder. Source: Reddit

Buterin was even sent 250,000 BITE soon after making the post. The token doesn't appear to be listed on many mainstream crypto price tracking sites, but blockchain records show sales hover around $0.011 per token, making the 250,000 sent to Buterin worth approximately $2,750.

*A screenshot of transactions associated with one of Buterin’s wallets. Source:* *Etherscan*

Meanwhile, several Twitter accounts claiming to be affiliated with the BITE token and its community have called the mention by Buterin “BULLISH.”

The Ethereum co-founder had gone on a shitcoin selling spree just two days prior, offloading some $700,000 worth of tokens that were airdropped to him and exchanging them for Ether (ETH).

Buterin initiated a similar offload in May 2021, selling tokens such as Shiba Inu (SHIB) and Dogelon Mars (ELON), causing their prices to tank by 40% and 90%, respectively.

Vitalik dumps $700K worth of shitcoins that he never asked for

March 8, 2023 Coin Telegraph

Vitalik dumps 0K worth of shitcoins that he never asked for

Coin Telegraph

As Vitalik Buterin’s holdings represented a large portion of the circulating supply for some of the tokens, the sales resulted in huge price drops.

Ethereum co-founder Vitalik Buterin has gone on a shitcoin selling spree, exchanging nearly $700,000 worth of tokens previously airdropped to him for Ether (ETH).

According to Etherscan, a wallet belonging to Buterin on March 7 offloaded 500 trillion SHIKOKU (SHIK) for 380.3 ETH ($595,448), nearly 10 billion Cult DAO (CULT) for 58.1 ETH ($91,021), and 50 billion Mops (MOPS) for 1.25 ETH ($1,950).

*A screenshot of token transactions from Vitalik’s wallet. Source: Etherscan*

Due to the low liquidity of the tokens the sales had a huge effect on their prices. The largest price drop from the tokens was SHIK, which recorded an 86% drop following Buterin’s sale according to CoinMarketCap data.

#PeckShieldAlert $SHIK (SHIKOKU) has dropped -95.8%
Vitalik Buterin-labeled address has dumped ~5T $SHIK, and gained ~164 $ETH (~260k) and transferred 214 $ETH ($337k) to EthDevhttps://t.co/Uw6TA1RDKP pic.twitter.com/FuIbgGgrdA
— PeckShieldAlert (@PeckShieldAlert) March 7, 2023

The total circulating supply of SHIK is 1 quadrillion, with the 500 trillion previously held by Buterin representing 50% of the current supply.

In May 2021 the Ethereum co-founder initiated a similar offload selling tokens such as Shiba Inu (SHIB) and Dogelon Mars (ELON) that resulted in price drops of 40% and 90% respectively.

While some within the cryptocurrency community shared their frustration at Buterin’s decision to sell considering the outsized effect it had on the tokens, others suggested it was motivated by the tax implications of receiving airdrops, which are subject to income tax in most countries.

Seems like a strange move, he is more than aware this would tank prices and drain liquidity. My one assumption is that his accountant warned him these tokens would count as income on his tax sheet. Selling to cover the expense
— SecureZero  (@securezero) March 7, 2023

Buterin confirmed he owned the wallet in a 2018 tweet after he was accused of hoarding 75% of the supply of Ether with fellow Ethereum co-founder Joe Lubin during the token's pre-mining sale.

dogelon mars