This week, Vitalik Buterin sold some of his altcoin holdings, subsequently declaring that the coins had “no cultural or moral value.”
The native token of the CultDAO, 9.9 billion CULT tokens, were sold by Buterin for a total of 58 ether (ETH). In addition, according to blockchain analyst PeckShield, he sold his BITE and MOPS stakes. The sales came to 220 ether in total.
Buterin claimed on Reddit that “BITE and most other coins being discussed on this forum are shitcoins. “They are worthless from a cultural or moral standpoint, and you’ll probably lose the majority of the money you invest in them. I strongly disapprove of these initiatives.”
Buterin essentially received half of the Shiba Inu (SHIB) token supply in 2021, and by burning his $6 billion worth of holdings, he caused a swing in the price of the token. He claimed at the time that he didn’t want the authority that came with controlling a sizable part of Shib’s tokens.