Vitalik Buterin Gets Rid of $700,000 in Tokens

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Vitalik Buterin, co-founder of Ethereum, has sold approximately $700,000 worth of tokens he had received through airdrops for ETH, causing the prices of some coins to crash.

According to Etherscan, he sold 500 trillion Shikoku (SHIK) for 380.3 ETH ($595,448), 10 billion Cult DAO (CULT) for 58.1 ETH ($91,021), 50 billion Mops (MOPS) for 1.25 ETH ($1,950), and 3.4 million Bite (BITE) for 5.9 ETH ($9,250).

SHIK’s total emission is one quadrillion, and Buterin sold half of this amount, leading to a 95.8% price drop.

CULT’s price dropped 13.7%, and MOPS’ price decreased 26.5% in the last 24 hours, according to CoinGecko.

It is unknown why Buterin chose to get rid of these tokens, but one possibility is to solve problems with the taxation of coins received through airdrops.