Ethereum co-founder Vitalik Buterin on Thursday warned investors to stay away from some crypto projects. The move comes a few days after he sold some free shitcoins that he received in his wallet
Vitalik Buterin posted a message in a subreddit named “Testingtesting62831” claiming that all crypto tokens or projects discussed in this forum are shitcoins. He warned that investing in these projects will probably make investors lose their money and recommends staying away from such forums.
The subreddit has most discussions on $BITE and other low-value meme coins. Also, Vitalik has been against these coins and had sold these many times. Typically, small investors invest in these shitcoins and hope to make money out of them, but end up losing their money.
The value of these tokens tanked massively, with the SHIK price plunging 95.8% after Vitalik dumped the token. Vitalik Buterin will sell more of these low-value tokens as he still owns numerous airdropped tokens.
Some people are even angry over why projects are sending tokens to Vitalik Buterin despite knowing that he usually dumps them.
Meanwhile, Ethereum price fell nearly 2% in the last 24 hours, with the price currently trading at $1,534. The 24-hour low and high are $1,530 and $1,563, respectively.
Furthermore, the trading volume continues to be flat in the last 24 hours, indicating traders expect a 50 bps rate hike by US Fed after Chair Jerome Powell’s testimony before the congressional committees.