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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.”
Related: Vitalik Buterin's philanthropic fund donates 15M USDC to UC San Diego
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.
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