Ethereum Co-Founder Sells Meme Coins for $2.24 Million

TLDR

• Vitalik Buterin sold various meme coins, netting 908.77 ETH (approx. $2.24 million)
• Largest sale was 10 billion MOODENG tokens for 395.96 ETH ($976,000)
• Buterin appreciates meme coins that donate to charity
• Recent meme coin surge amid slow overall market
• Political meme coins like MAGA (TRUMP) experiencing high volatility

Ethereum co-founder Vitalik Buterin has recently sold a variety of meme coins, earning himself a substantial sum of approximately $2.24 million.

This move comes at a time when the meme coin market is experiencing a notable surge, despite a generally slow-paced overall cryptocurrency market.

According to on-chain analysis by Lookonchain, Buterin’s transactions resulted in a gain of 908.77 Ethereum (ETH).

vitalik.eth(@VitalikButerin) sold some memecoins for 651.67 $ETH($1.61M) again 1 hour ago!

In the past 12 hours, #vitalik got a total of 908.77 $ETH($2.24M) by selling memecoins received for free.

Sold 10B $MOODENG for 395.96 $ETH($976K).
Sold 200K $MSTR for 93.23 $ETH($231K).… pic.twitter.com/fE1NTyu9k9

— Lookonchain (@lookonchain) October 13, 2024

The largest sale in this series of transactions was 10 billion MOODENG tokens, which alone brought in 395.96 ETH, equivalent to about $976,000.

Buterin’s selling spree included a diverse range of meme coins. He sold 200,000 MSTR for $231,000, 500 million EBULL for $182,000, and 15 million Popcat for $67,000.

Other significant sales included 20 billion MILO, 11.06 trillion FWOG, 500,000 TCATI, and 202 million VITALIK, among others.

This sell-off follows Buterin’s previous statements expressing appreciation for meme coins that donate portions of their supply to charity.

In a recent tweet, Buterin said,

“I appreciate all the meme coins that donate portions of their supply directly to charity. Anything that gets sent to me gets donated to charity too.”

He also revealed that a donation of 10 billion Moodeng tokens would be directed towards anti-airborne-disease technology.

I appreciate all the memecoins that donate portions of their supply directly to charity.

(eg. I saw ebull sent a bunch to various groups last month)

Anything that gets sent to me gets donated to charity too (thanks moodeng! The 10B from today is going to anti-airborne-disease…

— vitalik.eth (@VitalikButerin) October 7, 2024

However, Buterin emphasized his preference for projects to send donations directly to charities. He suggested that communities could even create decentralized autonomous organizations to engage in decision-making processes for charitable giving.

The Ethereum co-founder has long been an advocate for using cryptocurrency for social good. He reiterated his stance on meme coins, stating,

“I’ve said before that I think the best thing for meme coins is if they can be maximally positive-sum for the world, so it’s great to see moments when that actually happens!”

Buterin’s recent selling spree coincides with a surge in the value of several meme coins. Despite a slow-paced overall market, meme coins are leading the charge with a notable increase. Several factors are contributing to this rise, including market sentiment and increased retail investor interest.

A broader crypto market recovery, often referred to as “Uptober,” has rekindled investor interest in meme coins. Retail traders are driving much of the demand, looking for the next big meme coin success — reminiscent of past surges like those of Dogecoin (DOGE) and Shiba Inu (SHIB).