Mar 10, 2023
Buterin’s “Shitcoin” Slam Backfires, Sent $2,750 Worth of BITE
Vitalik Buterin, the co-founder of Ethereum, has recently been at the center of controversy regarding his stance on “shitcoins.” On March 9, Buterin made a post on a small subreddit, labeling crypto token Bite (BITE) and most of the other coins discussed on the r/Testingtesting62831 subreddit as “shitcoins” that have “no redeeming cultural or moral value, and will probably lose you most of the money you put into them.”
Buterin’s post was met with a wave of trolling from other members of the subreddit, with some doubling down on their shilling and creating a number of memes. The Ethereum co-founder was even sent 250,000 BITE, worth approximately $2,750, soon after making the post.
The post was likely prompted by the large number of posts pushing the BITE token on the subreddit, which Buterin created back in July 2020 and still moderates.
The controversy surrounding Buterin’s stance on “shitcoins” was further inflamed when he made moves to sell over $700,000 of tokens previously airdropped to him on March 7, causing the price of these tokens to fall.
Buterin had also initiated a similar offload in May 2021, selling tokens such as Shiba Inu (SHIB) and Dogelon Mars (ELON), which caused their prices to tank by 40% and 90%, respectively.
The episode has raised questions about the future of NFTs and their promotion in the web3 space. As the use of NFTs continues to grow, it is becoming increasingly important for NFT marketing agencies and web3 agencies to be aware of the implications of Buterin’s actions.
With his war on “shitcoins” ongoing, it is important for those selling NFTs, or looking to promote their NFTs, to be aware of the potential pitfalls of Twitter NFT marketing.
The episode has also highlighted the need for a more comprehensive approach to NFT marketing, with agencies looking to develop strategies that are focused on long-term growth and sustainability.
Ultimately, Buterin’s stance on “shitcoins” has highlighted the need for crypto and NFT users to be more discerning when it comes to the tokens they are investing in and the platforms they are using.
Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.
