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Vitalik Buterin Warns Against Investing in ‘Shitcoins’ Despite Recent Market Boom

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Ethereum founder Vitalik Buterin has sold over $700,000 in airdropped tokens to him. However, in a recent Reddit thread, he poked fun at the shitcoins being discussed by the community.

According to Etherscan, Vitalik’s publicly known wallet address sold 50 billion MOPS tokens, equivalent to 1.25 ETH (about $2,000) when the transaction was completed. He has also forked out 10 billion CULT tokens for 58 ETH (around $91,000) and 500 trillion SHIK tokens for 380 ETH (around $600,000).

Moreover, according to PeckShield, BITE was one of the tokens he sold during the March 7 shitcoin selling frenzy.

This isn’t the first time Buterin has dumped coins. In May of 2021, his selling of Shiba Inu and Dogelon Mars (ELON) caused the values ​​of these tokens to drop by 40% and 90%, respectively.

In a March 9 post on a small subsite, Buterin referred to the token (BITE) and most other coins discussed on r/Testingtesting62831 as “shitcoins.” He stated that these cryptocurrencies “have no redeeming cultural or moral value and you are likely to lose most of the money you put into it.”

$BITE and most of the other coins discussed on this forum are shitcoins, have no redeeming cultural or ethical value, and you probably lose most of the money you put into them. I am against these projects to the fullest. From Testingtesting62831

Buterin’s message was also likely prompted by several BITE-token-supporting posts on the subreddit, which he started in July 2020 and continues to moderate today. However, the post made him the target of a wave of trolling, as other users of the subreddit ramped up the amount of shilling they did and created memes.

Comment from discussion IndividualLet6519’s comment from discussion “$BITE and most other coins discussed on this forum are Shitcoins, have no redeeming cultural or ethical value, and you probably lose most of the money you put into them. I am against these projects. To the fullest.”

Buterin received a total of 250,000 BITE shortly after posting the tweet for which he was criticized. The token is not traded on major price watch sites. However, blockchain records reveal that sales are hovering around $0.011 per token. This puts the value of the 250,000 tokens delivered to Buterin at around $2,750.

Meanwhile, several Twitter accounts claiming to be associated with the BITE coin and its community described Buterin’s signal as bullish and jumped at the opportunity to buy the token.

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