On Monday morning, wallets belonging to Vitalik Buterin – co-founder of Ethereum, sold a total of 1 million USD worth from 28 memecoins that had been gifted in recent months. This move immediately caused strong fluctuations in the market, with some memecoins surging in price while others plummeted.
Details of Vitalik Buterin's transactions
• Vitalik Buterin sold 28 memecoins, bringing in about 1 million USD.
• Some #memecoin notable:
• Estee (Shiba Inu-themed memecoin): Increased by 112% after Vitalik sold 12% of the 420 billion token supply, bringing in 116,000 USD.
• Marvin Inu, Ethereum is Good, and Terminus: Prices fluctuated wildly but ended with a slight increase.
• Ledog: Plummeted 65% after Buterin liquidated.
• Other memecoins like Dogey-Inu, AstroElon, and Amaterasu Omikami also saw sharp declines after the sale.
Memecoins and the influence of Vitalik Buterin
Memecoins often send tokens as gifts #Vitalik to leverage his reputation and create a “burning” effect (reducing supply). This trend started with Shiba Inu in 2021, when Vitalik received a large amount $SHIB and used part of it for donations, while the rest was sent to an inaccessible address, permanently removing them from circulation.
However, in recent months, instead of declining prices, Vitalik's sale of memecoins has led to significant price increases, reflecting the unpredictable volatility of the market.
• For example: In October 2024, Moo Deng, a hippopotamus-inspired memecoin $ETH surged 480% after Buterin sold.
Vitalik Buterin and charitable activities
Vitalik often uses the proceeds from the sale of memecoins to donate to charity.
• October 2024: After selling memecoins, he announced donations to an organization developing technology against airborne diseases.
• August 2024: All proceeds from the sale of memecoins were sent to an organization within the effective altruism movement.
Although he has not revealed which organization will receive the funds from the latest sale, Vitalik's charitable wallets remain a focal point of interest.
Conclusion
Vitalik Buterin continues to have a significant impact on the memecoin market with his transactions. His liquidation of tokens not only affects memecoin prices but also draws attention to charitable activities.
However, the memecoin market still carries significant risks, and tracking the movements of people like Vitalik should only be a part of a long-term investment strategy.
