Aug 5, 2022 at 03:38Ethereum co-founder Vitalik Buterin dumped 25 trillion Sh.t tokens on Uniswap. Based on his move, we can suggest that the businessman is not interested in low-value coins. By the way, this is not the first time the programmer has cleaned his portfolio of unnecessary digital assets. Indeed, there is no reason to collect all sorts of crap.
Fraudulent tokens
A couple of months ago, Vitalik Buterin received 25 trillion tokens from a meme coin project called Sh*t. His wallet history shows that the coins were sent to him from various ventures, hoping to capitalize on the founder’s popularity and draw more attention to his project.
However, as with any meme coin project with a funny name, they did it to get more attention from investors who they hoped would buy the token. The coins then sat in Buterin’s wallet for about two months before he finally decided to do something.
The businessman damped the Sh.t token in two transactions, exchanging all the coins for 20.2 ETH (~$33.4k).
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Buterin has previously stated his dissatisfaction with these “fraudulent” tokens, which continue to appear on the web but are mostly sent to his wallet. The number of tokens sent to him increased significantly after the success of another Shiba Inu meme, which gave the projects more confidence in sending tokens to the programmer.
Once he received a considerable number of Shiba Inu tokens from developers (about $6 billion), he donated the coins to a charitable organization in India instead of blocking the assets on his wallet. This, of course, drove SHIB down.
Since then, many other Doge imitators have sent tokens to the creators, hoping to replicate the success of Shiba Inu. Buterin told about these tokens, warning the founders to stop sending him tokens back in May 2021. However, given the recent airdrop with the Sh.t token, they haven’t stopped.
Buterin’s portfolio
In 2019, the businessman revealed that he holds not just Ethereum. At that time, Vitalik kept five coins in his portfolio. In total, in addition to ETH tokens, he had:
- non-Ethereum-ecosystem tokens: BCH, BTC, DOGE, ZEC; total value < 10% of the value of Buterin’s ETH;
- non-ETH Ethereum ecosystem tokens: KNC, MKR, OMG, REP, total value <10% of the value of Buterin’s ETH;
- significant corporate shareholdings: Clearmatics, Starkware;
- Revenue in the last 12 months other than Ethereum foundation salary: a few advisor tokens (included in above);
- non-financial interests: friends in the ecosystems represented by the above projects, some non-token Ethereum ecosystem orgs (e.g., L4, Plasma Group, EthGlobal, EDCON), and non-token non-Ethereum orgs (mainly professional cryptography and economics circles).
According to him, the coins, as mentioned earlier, occupy only one-tenth of the total digital assets in his wallet. The rest is Ethereum.
The data above is for 2019. However, everything has changed, the situation was affected by the crypto winter, and several coins could disappear. Let’s see what happened to them.
- BCH — currently $139.22 (-74.65% for the year);
- DOGE — currently $0.0701 (-65.18% for the year);
- ZEC — currently $68.31 (-42.72% for the year);
- KNC — currently $1.58 (-6.02% for the year);
- MKR — currently $1.106 (-66.35% for the year);
- OMG — currently $2.33 (-48.05% for the year);
- REP — currently $8.78 (-67.11% for the year).
As you can see, all of the coins went down one way or another. However, after the crypto winter, the situation may improve, and Buterin could still profit from these coins. It is not known whether he keeps them at the moment; at least, the relevant information has not been announced yet. Can you imagine if all of them will go to the Moon? Insane.
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