- The crypto market came to life when Vitalik Buterin the founder of Ethereum announced he’ll be selling off some ERC20 based crypto.
- As you can imagine, this put the projects under huge sell pressure causing their prices to fall. Why then are investors all selling their portfolios and going for Pikamoon ($Pika) instead?
Introduction
Vitalik Buterin is undoubtedly one of the renowned names in the crypto industry just like Satoshi Nakamoto. He’s the co-founder of the largely popular crypto project Ethereum and its blockchain.
Due to his status in the crypto community, enthusiasts often look to him for his takes on certain crypto projects. However, this month saw him do something we haven’t seen him do since 2020 –he dumped several Ethereum-based alts which caused a stir in the market.
The question now is why did Buterin sell such a large holding of crypto assets?
Secondly, his action caused a ripple effect which led investors going for another crypto called Pikamoon which is touted as a credible alternative to not just SHIK, CULT and MOP, but also well-known projects like Sandbox.
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Who is Vitalik Buterin?
In the past decade, Vitalik Buterin has amassed significant wealth while securing himself as one of the industry’s most prominent faces. According to Wealthy Gorilla, they believe Buterin has a net worth of $400 million.
Although this figure varies frequently, no one can deny that Buterin has achieved great success. Without doubt, most of his portfolio consists of ETH or alts on the blockchain. He remains loyal to developing the blockchain, however, he took some steps that surprised the entire industry.
A few weeks back, Buterin dumped more than $700,000 in Ethereum-based altcoins.
Why Did Vitalik Buterin Sell His Huge Altcoin Holdings?
This March, Etherscan showed one of Vitaliks known Ethereum wallet addresses showing some strange figures. The transaction chart displayed 200 trillion SHIK (SHIKOKU) tokens sent from the wallet in a 4 minute window. A few minutes later, 100 trillion in SHIK were withdrawn from the address.
The surprising part is that the 500 trillion SHIK is half of the circulating supply of the SHIKOKU project.
For those that don’t know, SHIK is an ETH-based meme coin like Doge and Shib. At the time of writing this article, it’s valued at $0.000000005812.
After the massive sell off by Buterin, the token’s price fell severely which led to a massive meltdown for the project. This means investors that had faith in the project will experience a massive fall in the value of their assets.
Surprisingly, it didn’t stop there, Buterin also dumped 9.9 billion CULT (from Cult DAO project) on the same day. Without hesitation, he also dumped 50 billion MOPS and exchanged them all for some ETH valued at $700,000.
As you can expect, this sent the market into a frenzy with several industry watchers having differing opinions.
Some believe he was in his right to sell it as one man shouldn’t be given such power over a project. While others are of the opinion that his actions are causing a negative ripple effect in the crypto market.
For investors, this is a scary situation as most of them started taking steps to protect their portfolio. However, there was a specific point Buterin made. He disclosed these projects were just spin offs of other top projects as this token holds little to no utility.
With this in mind, all investors need to know that investing in a token is wise, but investing in a token with massive utility and strong community like Pikamoon is smarter.
So it wasn’t a surprise that a lot of these investors started shifting base to the Pikamoon community. For starters, this isn’t just another spinoff of a popular meme token. This project is a metaverse and GameFi token used in the in-house marketplace of the Pikamoon Adventure.
This also means that there will be a need for the token since it’s used every day by millions of gamers exploring the Pikaverse. PIkamooners use the $Pika token to purchase health, buy lands, powerups and more so they can explore and climb up their way in the game.
With this in mind, there is always constant demand and usage of the token which means there’ll always be a rise in price. This is the kind of news investors want to hear making the Pikamoon project a safe haven for their project.
Find out more about Pikamoon (PIKA):
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