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Vitalik Buterin, the co-founder of Ethereum, has sold approximately $1.6 million worth of meme coins to convert into Ether for charity donation.
Key Notes
The sales included significant amounts of Moo Deng (MOODENG), Monsterra (MSTR), and ETHEREUM IS GOOD (EBULL).Following Buterin's sales, the price of Moo Deng dropped by 5.36%, reflecting the selling pressure he exerted.Despite this, Buterin retains a substantial crypto portfolio valued at over $700 million, which still includes various meme coin holdings.Vitalik Buterin, the Ethereum co-founder, has once again been on a selling spree offloading another $1.6 million worth of meme coins from his holdings. Buterin would be converting these meme coins into ETH ETH $2 526 24h volatility: 2.5% Market cap: $304.12 B Vol. 24h: $13.53 B and would be donating them to charity as promised previously.
As reported by Spot on Chain, the sale consisted of $982,800 worth of Moo Deng (MOODENG), the hippo-themed meme coin gaining much traction recently. As a result, the MOODENG price is trading 5.36% down following the selling pressure coming from Buterin.
Additionally, the Ethereum co-founder also sold $231,000 of Monsterra (MSTR) and another $183,000 of ETHEREUM IS GOOD (EBULL). In minor quantities, Vitalik Buterin also offloaded Fwog (FWOG), vitalek buteren (VITALIK), and Popcat (POPCAT).
Over the past nine days, Vitalik Buterin has converted $2.78 million worth of meme coins into Ether and donated $884,000 to various charities, according to Spot On Chain’s report on October 13.
Vitalik Buterin (@VitalikButerin) sold 8 more #memecoins for 651.6 $ETH ($1.62M) in the past hour!
They include:
• 10B #MOODENG ($982K) for 395.95 $ETH
• 200K $MSTR ($231K) for 93.23 $ETH
• 500M $EBULL ($183K) for 73.79 $ETH
• 15M $POPCAT ($67.2K) for 27.11 $ETH
• 31.4T… https://t.co/tuRpJiuDYP pic.twitter.com/Wtdy3gPYWU
— Spot On Chain (@spotonchain) October 13, 2024
Buterin expressed gratitude to meme coin issuers for enabling these donations but suggested they consider contributing directly in the future. On Oct. 7, Buterin shared on X that he donated all 10 billion meme coin tokens he received to an organization focused on anti-airborne-disease technology.
Earlier this year in August, the Ethereum co-founder sold all the animal-themed meme coins he received in the past 12 months. Later, he donated the proceeds to the Effective Altruism Funds’ Animal Welfare Fund.
Vitalik Buterin Crypto Portfolio Still Has Meme Coins
The entire crypto portfolio of the Ethereum co-founder is still worth more than $700 million which consists of meme coin holdings such as $2.4 million in MOODENG tokens, $117,000 in MSTR, $144,000 in Neiro (NEIRO), as well as $80,000 in Degen (DEGEN).
In the past, Buterin has argued that meme coins can make a positive impact on society by funding essential public projects and providing income opportunities for individuals in lower-income countries. However, he doesn’t like the celebrity-themed meme coins that primarily seek to benefit the celebrities and early investors involved.
On the other hand, several market players have proposed Butrin’s name for the Nobel Prize in Economics in 2024. Proposing the Ethereum co-founder, Tyler Cowen said:
“Vitalik built a platform, created a currency, you could say, refuted Mises’ regression theorem in the process, obviously following in the footsteps of Satoshi, but my goodness, what does someone have to do to get a Nobel Prize.”
On the other hand, economist Alex Tabarrok echoed this sentiment, stating that “Vitalik has actively contributed to Ethereum’s mechanism design by transitioning it to proof-of-stake.”
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
