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In a surprising move, Ethereum founder Vitalik Buterin has reportedly sold billions of dollars worth of “free shitcoins,” according to a tweet from the popular cryptocurrency tracker LookOnChain. The tweet details the sale of 50 billion MOPS for 1.25 Ethereum ($2K), 10 billion CULT for 58 ETH ($91K), and 500 trillion SHIK for 380 ETH ($600K).
This news has sparked mixed reactions from the cryptocurrency community, with some expressing confusion over Buterin’s decision to sell these tokens. One user commented that it was looked such an “odd move”, as Buterin would have realized that selling tokens in bulk could potentially lower their price and drain liquidity.
However, another user taper that this is not the first time Buterin has sold tokens in this way. Some suggest that the sale may be driven by the fact that these tokens will be counted as revenue on Buterin’s tax sheet, and selling them is a way to cover costs.
Others have speculated that the sell-off may have been driven by the current bear market affecting Buterin’s finances. Some users joked that he might hold the remaining 10 billion CULT tokens as a “moon bag”.
Interestingly, several users pointed out that Buterin has spoken openly about his dislike of projects sending him tokens as a way to legitimize themselves. He has previously made it clear that he finds this practice unnecessary and prefers to donate whatever funds he receives.
However, it is still unclear what Buterin’s motivation for selling these tokens is. Some users argue that he may just be cleaning out his wallet. Regardless of the reasons behind the sale, it is clear that Buterin’s actions have generated significant discussion within the cryptocurrency community.
Ethereum Price Analysis
The world’s second largest cryptocurrency, Ethereum, is currently facing a spike in selling pressure due to increased volatility related to the Silvergate Disaster. As a result, Ethereum’s price has seen a slight decline in the last 24 hours, with the bearish trend observed on the weekly chart suggesting a 4.37% decline.
Currently, ETH is trading at $1,564.82, and although it has fallen in the short term, it is still up 30% since the start of the year. Moreover, the $1,550 support level has held strong in recent days, suggesting that Ethereum is unlikely to fall to the lows seen last year. Despite the current market turmoil, Ethereum’s strong fundamentals suggest that it will continue to improve once the market stabilizes.
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