Ethereum Founder is on a Selling Spree, Here’s What it Could Mean

Vitalik Buterin, the founder of Ethereum (ETH) has been making headlines after he recently transferred 200 ETH to the Kraken cryptocurrency exchange. While trying to sell, investors often transfer their cryptocurrency to exchanges.

The Ethereum founder used the ETH hoard as collateral on Reflexer to create 150,000 RAI tokens, according to earlier Peckshiled reporting. Then, Buterin traded 132,500 RAI for 378,500 USD Coin (USDC). For 50,000 Dai, the remaining 17,500 RAI were exchanged (DAI). According to PeckShield, the exchange of ETH into the stablecoins USDC and DAI was completed in less than three hours.

Etherscan, a blockchain monitoring service, also recorded the transactions. In order to create 100,000 RAI, Buterin initially sent 200 ETH to Reflexer. Then, Buterin immediately donated 300 ETH to Reflexer to generate 50,000 RAI. According to Etherscan, Buterin spent over $200 to handle both transactions.

In addition, he had recently sold 9.9 billion CULT tokens, the CultDAO’s native token, for 58 ether (ETH). According to blockchain analyst PeckShield, he also sold his shares in BITE and MOPS. According to Coindesk, the sales totaled 220 ether, which is worth $332,420 at the moment.

Bite and the majority of the other coins described in the r/Testingtesting62831 forum were tagged as Buterin as “shitcoins” that have no redeeming cultural or moral significance, and will probably lose most of the money they put into them on March 9. “I strongly oppose these proposals,” he said. 

By selling tokens like Dogelon Mars (ELON) in May 2021, Buterin launched a similar dumping that resulted in reductions in the value of 40% and 90%, respectively. Coming back to Ethereum, after Vitalik Buterin’s most recent remarks about the network, the price projections for Ethereum are optimistic.