Vitalik Buterin-Labeled Address Sold More Than 9 Billion Altcoins

Vitalik Buterin, who created the second most-traded cryptocurrency by market cap— Ethereum (ETH), sold 9.9 billion CULT tokens. CULT is the native token of CultDAO. According to a blockchain analyst— PeckShield, “$CULT (Cult DAO) has dropped -13.7%, Vitalik Buterin-labeled address has dumped ~9.9B $CULT for ~58 $ETH ($91.5k).”

The Ethereum blockchain co-founder liquidated some of his altcoin holdings this week. He later said the tokens had “no cultural or moral value.” He sold 9.9 billion CULT tokens for 58 Ether (ETH).

Moreover, Buterin has also sold his BITE and MOPS holdings. The total sales added up to 220 ETH, worth nearly $332,420 at current prices. Buterin wrote on Reddit, “BITE and most other coins being discussed on this forum are s**tcoins. [They] have no redeeming cultural or moral value and will probably lose you most of the money you put into them. I anti-endorse these projects to the greatest extent.”

Back in time, Buterin pushed the price of a meme token, Shiba Inu (SHIB). As in 2021, he burned his holdings of Shiba Inu worth $6 billion. After that, he was effectively given half of the supply of meme tokens. That time, he said he didn’t want the power of holding such a significant proportion of the tokens.

Vitalik Buterin and His NFT Collection

A Non-Fungible Token (NFT) collection celebrate Vitalik Buterin’s contributions to a Web3 funding model. Metalabel created it in collaboration with the Web3 funding platform Gitcoin. The open edition mint launched on March 1st, but NFT traders missed the memo before March 9th when secondary sales suddenly ripped following the end of the initial sale period.

At press time, The Quadratic Funding Collection has collected some 9,602 ETH in trading volume over the past 24 hours while the floor price was 0.295 ETH.

According to Gitcoin and Metalabel, “in 2018, Vitalik Buterin, Harvard economist Zoë Hitzig, and RadicalxChange founder Glen Weyl published a proposal for a more equitable model for funding public goods projects.” Called “Liberal Radicalism,” their paper proposed a new mathematical foundation for directing resources towards projects in a way that benefits people with an approach now known as quadratic funding.

After this idea was introduced, over $70 million has been directed to public goods and open source projects using quadratic funding by Gitcoin and other organizations.

Currently,“Gitcoin and Metalabel are celebrating quadratic funding by collaborating to release “The Quadratic Funding Collection.” It commemorates and preserves the original work and raises public goods funds.” Moreover, the Open Edition on chain record contains a new digital copy of the whitepaper signed by the 3 authors.

Nancy J. Allen
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