Vitalik Buterin chastises BITE, other shitcoins for having no ‘redeeming cultural or moral value’ Vitalik Buterin chastises BITE, other shitcoins for having no ‘redeeming cultural or moral value’
Dingo's developer sent 50% of the asset's total supply — 450 trillion tokens — to Vitalik Buterin's public address on March 8.
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Updated: Jul. 23, 2023 at 10:22 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ethereum co-founder Vitalik Buterin warned the crypto community about BITE and other unnamed assets being discussed on the r/Testingtesting62831 subreddit group.
A look at the subreddit showed that its members heavily discussed BITE and other low-value meme coins.
Buterin said these assets are “sh*tcoins [that] have no redeeming cultural or moral value.” According to him, investors would lose most of their money by investing in these tokens.
“$BITE and most other coins being discussed on this forum are shitcoins, have no redeeming cultural or moral value, and will probably lose you most of the money you put into them.”
He added:
“I anti-endorse these projects to the greatest extent.”
BITE was one of the several unsolicited altcoins Buterin dumped on March 7. The Ethereum co-founder had ditched other meme coins like MOPS, SHIK, and CULT. Cumulatively, these tokens earned him over $300,000.
Meanwhile, Buterin’s latest warning has negatively impacted the meme coin’s price performance. The token has fallen by 27% in the last 24 hours, according to dexscreener data.
Another developer sends Buterin 450 trillion unsolicited tokens
Dingo’s deployer sent 50% of the asset’s total supply — 450 trillion tokens — to Vitalik Buterin’s public address on March 8. According to on-chain data, the deployer also burnt 50 trillion of the token’s supply.
Blockchain analytical firm Arkham Intelligence reported the transfer and questioned the motive of the deployer. According to the firm, Buterin had recently sold off unsolicited tokens sent to his addresses.
Dingo is an ERC-20 token designed to burn 10% of the tokens involved in every transaction. According to its website, the burn function would help to control its overall supply and increase its value over time.
Its five-phase roadmap showed it was supposed to reach 100,000 holders by the fourth quarter of 2022. However, it has only 444 holders as of press time.
The website showed no further information about its use case or other details. The token was previously deployed on Binance Smart Chain, according to tweets seen on its Twitter page.
The token is available on the decentralized exchange Uniswap.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Vitalik Buterin stands as the pioneering force behind Ethereum, a transformative community-driven platform that fuels the cryptocurrency ether (ETH) and underpins a myriad of decentralized applications.