The Ethereum co-founder sold a big amount of altcoins holding for ETH, resulting in a very big downfall for the SHIK token.
Vitalik Buterin is the co-founder of the Ethereum blockchain. Ethereum is the second-ranked crypto blockchain network by 24-hour trade volume of its native coin ETH. Vitalik is highly popular in the crypto sector. In the past some crypto projects send their corresponding issued token to Vitalik, obviously without his permission.
On 7 March 2023, Vitalik Buterin sold 5 crypto tokens from his wallet that he received from the crypto projects airdrop.
He sold 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).
The majority of these tokens saw a significant downfall in their trade prices. In particular, the SHIK tokens plunged by approximately 95.8% because of low liquidity.
Indeed, Vitalik was holding a 50% supply (500 trillion) of the SHIK token and he sold 5 Trillion SHIK tokens.
Many crypto Twitter users are criticising Vitalik over the bulk amount of crypto assets sold at once but few people supported him as a part of the income tax subject.
Earlier, in May 2021, Vitalik sold his free Shiba Inu
(SHIB) and Dogelon Mars (ELON) holdings. At that time SHIB & ELON plunged by 40% and 90% respectively.
In the past, Vitalik many times requested people not to donate crypto assets to him because it poses risk to the trade price of that coin.
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Vitalik Buterin dumps Shik token by 95%