Vitalik Buterin Warns For These Altcoins: Don’t Buy! – Cryptokoin.com

Ethereum co-founder Vitalik Buterin warned investors to stay away from some altcoin projects in his statements during the day. Buterin’s recommendations follow the collapse that followed after he sold meme coins sent to him.

Vitalik Buterin’s $700,000 sale sparked a backlash

cryptocoin.com In this article, we have included the altcoins that were airdropped to Vitalik Buterin and then sold. Buterin’s sale of $700,000 garnered a huge backlash from the crypto community. The 3 altcoins that were drained from the market lost up to 100% in value. The Ethereum founder posted a post on the r/Testingtesting62831 subReddit today claiming that some cryptocurrencies or projects are shitcoins. According to Buterin, it is necessary to stay away from these altcoins that will most likely make their investors lose money:

For example DragonBite (BITE) or many other cryptocurrencies discussed in this forum are shitcoins, have no cultural or moral value and you will probably lose most of the money you invested in them. I am strongly against these projects.

The crypto community on Reddit has been discussing BITE and other low-value meme coins for some time now. In addition, Buterin has repeatedly said that he does not support these projects and has sold all the tokens that were airdropped to him. The teams behind these cryptocurrencies are trying to use Ethereum founder Vitalik Buterin as an advertisement. Still, it’s worth noting that Shiba Inu, currently the second largest meme coin by market cap, has been successful with this method:

Last May, anonymous developers gifted Buterin 50% of the total SHIB token supply, bringing Buterin’s total to about 505 trillion SHIB, or roughly $8 billion at the time. The developers did this because they felt that sending the tokens to Buterin would effectively burn the tokens (i.e. take them out of circulation), reducing supply and increasing demand.

“I am largely against these projects”

On March 7, Buterin converted tokens such as MOPS, CULT, SHIK and BITE, which were airdropped to him, into Ethereum. After the sales, the SHIK price lost more than 95%. Writing on Reddit, Buterin says he is “largely” against low-value memes or shitcoins.

Vitalik Buterin has sold tokens in the past, causing huge price fluctuations

Buterin caused great controversy by burning billions of SHIBs in 2021. He has even donated some of these funds to charities, including the India COVID-19 Relief Fund. Thinking about the whole thing, he said he “didn’t want to be that kind of powerhouse.”

Other dump events include a token called SHIT, which released 25 trillion tokens in 2022. Market enthusiasts often watch Buterin’s wallet to see activity, and any action can cause huge price swings.

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