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Shiba Inu (SHIB) Counterpart SHIKOKU Plunges 96% as Vitalik Buterin Sells 5 Trillion SHIK

Tue, 03/07/2023 - 09:10
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Arman Shirinyan
Vitalik Buterin's selling spree that included SHIK, ETH, MOPS and CULT leads to catastrophe on some assets
Shiba Inu (SHIB) Counterpart SHIKOKU Plunges 96% as Vitalik Buterin Sells 5 Trillion SHIK
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Vitalik Buterin, the co-founder of Ethereum, has once again caused a stir on the cryptocurrency market, with his recent selling spree. This time, he has sold numerous tokens, including 500 trillion SHIKAKU (SHIK) tokens that he most likely received previously from developers.

Unfortunately, the sale had an immediate impact on the price of SHIK, which plummeted due to the lack of liquidity on the market. The sudden increase in selling pressure has led to concerns among investors, as it suggests that the market correction could be imminent.

While it is not clear why Vitalik decided to sell almost all of his smaller holdings, the move has been interpreted as a bearish sign for the market. The selling spree comes at a time when the cryptocurrency market is already experiencing a significant correction, with prices of major coins like Bitcoin and Ethereum dropping by double-digit percentages in recent weeks.

It is worth noting that Vitalik has sold tokens in the past, and his actions have often been scrutinized by market analysts. However, the recent selling spree is particularly noteworthy, as it suggests that the co-founder of Ethereum may be losing confidence in the market's short-term prospects.

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Despite the negative sentiment, some investors remain optimistic about the long-term outlook for the cryptocurrency market. They point to the increasing adoption of blockchain technology by major corporations and the growing interest in decentralized finance (DeFi) as evidence of the market's potential.

Among other assets sold by Buterin are small altcoins like MOPS and CULT, which have experienced the same drastic price drop as SHIK. Ethereum, though, holds its ground without any issues.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.