Vitalik Buterin Swaps Gifted Altcoins by New Projects Into ETH

• Vitalik Buterin has converted over $700,000 worth of various altcoins into ETH.
• He also sent EthDev around 214 ETH, valued at over $337,000.

Several altcoins were offered as souvenirs to the co-founder of the world’s second-largest blockchain, Ethereum, but he has swapped them recently. The on-chain data portal Lookonchain reports that Vitalik Buterin has converted over $700,000 worth of various altcoins into ETH.

He has already made a profit of 1.25 ETH from the sale of 50 billion MOPS, 58 ETH from the sale of 10 billion CULT, and 380 ETH from the sale of 500 trillion SHIK. Vitalik Buterin has also made a 5.9 ETH profit on the sale of 3.4M BITE. He also sent EthDev 214 ETH, valued at over $337,000.

Negative Effect on Low-value Projects

Vitalik Buterin’s decision to sell shitcoins he held has displeased the crypto Twitter community because it has a negative effect on low-value projects and the investors that fund them. Others are frustrated because Vitalik is receiving free tokens from several projects. Once Vitalik sold his SHIK, the price dropped by 95.8 percent.

Vitalik Buterin understands well that selling free shitcoins may have a devastating effect on the market.  There are many who believe it has something to do with testnet tokens, particularly Goerli ETH. There are now 11.88 million GETH in circulation, with 2.05k token holders at press time, according to statistics from DEXTools indicating a 24-hour trading volume of approximately $0.5 million.

Vitalik has an additional 666 SHIK and 10 billion CULT, as shown by statistics from Etherscan. Yet he has already sold every MOPS coin. Several variables, including the impending Shanghai Upgrade, will affect the price of ETH in the future. Recent unloading, however, may not even be connected.