Vitalik Buterin Dumps 10B MOODENG for ETH, What’s The Tea?

Ethereum co-founder Vitalik Buterin sold a massive stash of Moo Deng (MOODENG), a newly-launched memecoin. The proceeds were received in ETH. Thereafter, Buterin donated them for a good cause. Moreover, MOODENG price continued rallying despite he sale with over 4000% gains in the last 24 hours.

Vitalik Buterin’s Recent Sale

A few hours ago, Buterin dumped 10 billion MOODENG tokens for 308.7 ETH, valued at around $505,000, via Cow Swap. Following the sale, the Ethereum founder transferred 260.15 ETH to the Kanro charity contract. Despite the sale, he still holds 40 billion MOODENG tokens, worth approximately $4.32 million.

The transaction has sparked discussions in the crypto community about Buterin’s relationship with memecoins, given his history of large token donations. The Ethereum founder took to X (formerly Twitter) to share his perspective, highlighting his commitment to charitable donations.

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

“I appreciate all the memecoins that donate portions of their supply directly to charity,” Buterin said. He added, “Anything that gets sent to me gets donated to charity too… The 10B from today is going to anti-airborne-disease tech.”

Buterin also encouraged memecoin projects to engage directly with charitable causes. “I truly prefer if you guys send to charity directly, maybe even make a DAO and get your community directly engaged in the decisions and process.”

This isn’t the first time Buterin has called for memecoins to have a positive impact. He reiterated his belief that these tokens should contribute to societal good: “The best thing for memecoins is if they can be maximally positive-sum for the world.”

MOODENG Price Impact

The sale of MOODENG follows a growing trend of memecoins donating a portion of their supply to philanthropic efforts. Buterin previously donated billions of Shiba Inu (SHIB) tokens to COVID-19 relief efforts in India.

At press time, the Moo Deng price skyrocketed 403.67% to $0.0002543 on Monday, October 7. This suggests that the latest sale by Buterin didn’t waver the bullish market sentiment around the memecoin. In addition, the donation of proceeds could have further strengthened the community’s faith.

Also Read: Ethereum Whale Sells $14 Million ETH Amid Price Surge