Ethereum founder Vitalik Buterin is often sent unwanted token airdrops to him. His wallet history shows that trillions of tokens have been sent to him in various projects. All of this hopes to use the popularity of the founders to draw more attention to the project. The same is true for another token that sent trillions of tokens to its founders for public release and Buterin just dumped his 25 trillion tokens.
cleaning the sit
A few months ago, Ethereum founder Vitalik Buterin received a total of 25 trillion tokens from a meme coin project called Sh*t. Similar to the funny-named Memecoin project, they did this as a way to get more attention among investors looking to buy the token. I have a coin that has been in storage for two months and I finally decided to do something about it.
Related reading: How Summer Turns into Short Season for Altcoins
In a total of two transactions, Buterin has offloaded all 25 trillion Sh*t tokens. All coins were exchanged directly into ETH, totaling 20.2 ETH, or around $33,000 in all tokens.
The founders have previously expressed their displeasure that these “scam” tokens continue to appear on the network, but even more are being sent to their wallets. These tokens sent to him increased significantly following the success of another meme his coin Shiba Inu, giving the project more confidence to send tokens to his Buterin.
ETH holding above $1,600 | Source: ETHUSD on TradingView.com
Buterin warns creators to stop
As mentioned above, the number of coins transferred to Vitalik Buterin increased after the success of Shiba Inu. Memecoin sent its founder trillions of tokens, which was about half of the total supply, worth about $6 billion. The Shiba Inu became very popular after donating to and being involved in this.
Since then, many other Doge knockoff projects have sent out Founder Tokens in hopes of replicating Shiba Inu’s success. Buterin has spoken out about these tokens and warned creators to stop returning tokens in May 2021.
But the creators haven’t stopped, as evidenced by the recent stash of Sh*t tokens that Buterin had to offload. His ENS his name his wallet, vitalik.eth, contains tokens sent by the coin he creator to use as a marketing strategy.
Featured image from Forbes, chart from TradingView.com
follow Best Owie on Twitter Market insights, updates, the occasional funny tweet…
