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.
vitalik.eth (@VitalikButerin) is selling his free shitcoins.— Lookonchain (@lookonchain) March 7, 2023
Currently sold 50B $MOPS for 1.25 $ETH($2K), sold 10B $CULT for 58 $ETH($91K), sold 500T $SHIK for 380 $ETH($600K).https://t.co/SboWZsO8WY pic.twitter.com/xNaRTeVM7K
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.
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.