Vitalik Buterin is known as the co-founder of the Ethereum blockchain, making him an iconic figure in the crypto-sphere. Much of the crypto-sphere as it exists now is thanks to him, with the high value of Ether, the native token of Ethereum, being largely thanks to his shrewd decisions. So, it goes without saying that when Buterin talks, the world listens.
Only Buterin often isn’t very tactful about what he says, even if what he is saying is worth listening too. His latest controversial statements were in regards to a number of lesser altcoins. Buterin made a lengthy Reddit post explaining why he was dropping billions in various altcoins, not being shy about throwing around a bit of bad language in the process. The coins he smeared included CULT, MOPS and BITE.
Buterin’s post explained that he had just dropped 9.9 billion in CULT, the native token of CultDAO. The massive sale netted him 58 ether (ETH.) He also dropped an enormous amount in BITE and MOPS as well, though this information came from PeckShield. All in all, it is assumed that Buterin sold altcoins to the tune of around 220ETH. This equates to around $332,420.
When it came to him explaining why he’d dropped the coins he didn’t beat around the bush. Buterin expressed via his Reddit post that BITE and a number of other altcoins are “garbage”. He went on to say that not only do the cryptos have no cultural or moral value, but they will also almost certainly lose investors all their money. Buterin finished off the post by saying that he anti-endorses the coins to the greatest extent.
Fascinatingly, Buterin dropped the Reddit post in a group dedicated to discussing the coins he was smearing.
There is almost no question that Buterin’s words will kill the projects. Though, this isn’t the first time he’s had a major, direct impact on the world of cryptos. It wasn’t long ago that he was given an enormous amount of Shiba Inu (SHIB,) estimated to be worth around $6 billion. He burned the coins unceremoniously, saying that he didn’t ask for or want so much power in a single token.
Not surprisingly, the move triggered a massive shift in the price of Shiba Inu. Some called his stunt reckless, while others praised him for not being shy about his feelings.
While Buterin’s words may seem rude, especially considering that BITE, MOPS and CULT are now certainly done for, they aren’t unwarranted. Many altcoins are indeed lacking in cultural and moral value, especially when it comes to unheard of altcoins. So, what Buterin is likely doing is trying to save traders heartache.
The fact of the matter is that many lesser altcoins are doomed for failure. As enticing as some might seem, leaning into memes and other jokes, they are still probably nothing more than a waste of money. If anything, Buterin’s words should serve as a warning to those looking to get into crypto trading for the wrong reasons.