Ethereum Co-Founder Vitalik Buterin Sells Various Meme Coins He Received for Free

According to on-chain analysis by Lookonchain, Buterin's recent transactions netted him 908.77 Ethereum (ETH).

Ethereum co-founder Vitalik Buterin has sold various meme coins he received for free, netting him 908.77 Ethereum (ETH), according to on-chain analysis by Lookonchain. This is equivalent to approximately $2.24 million at the current price of Ethereum (ETH).

The blockchain data reveals that Buterin sold tokens from several meme coin projects, digital assets launched explicitly as a joke. The largest sales came from 10 billion MOODENG tokens, which were sold for 395.96ETH ($976,000). In addition, he sold 200k MSTR for 93.23 ETH ($231,000), 500 million EBULL for 73.79 ETH ($182,000), and 15 million Popcat (POPCAT), which brought in 27.11 ETH ($67,000).

Other notable sales included 200k MSTR for 93.23 ETH, 500 million EBULL for 73.79 ETH, and 15 million Popcat (POPCAT) for 27.11 ETH.

Buterin appreciates meme coins

This sell-off comes in the wake of Buterin’s previous statements expressing appreciation for meme coins that donate portions of their supply directly to charity. In a recent tweet, Buterin stated, “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.”

Buterin's tweet also revealed that a donation of 10 billion Moodeng tokens would be directed towards anti-airborne-disease technology. However, he stressed his preference for projects to send donations directly to charities. Buterin also suggested that communities could even create decentralized autonomous organizations to engage in the decision-making process for charitable giving.

The Ethereum co-founder has long been an advocate for using cryptocurrency for social good. In a tweet, Buterin 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!”

I've said before that I think the best thing for memecoins is if they can be maximally positive-sum for the world, so it’s great to see moments when that actually happens! (eg. I saw ebull sent a bunch to various groups last month)

Meme coin selling spree

Buterin's recent selling spree comes amidst the surge in the value of several meme coins. Despite a slow-paced overall market, meme coins are leading the charge with a notable surge.

Several factors are contributing to this rise, including market sentiment. A broader crypto market recovery, often dubbed “Uptober,” has rekindled investor interest in meme coins. There’s also an uptick in retail investor interest. 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) — which is helping fuel the surge.

Political price pumps

As overall market sentiment improves, traders are looking at meme coins for quick gains, leading to notable price increases among irreverent tokens like Dark Maga and the so-called Department of Government Efficiency (DOGE). Both coins surged by over 100% only to plummet in a matter of days.

Meme coins linked to prominent public figures or political movements such as these experience price pumps, but are also among the most volatile. For example, tokens like MAGA (TRUMP) have surged following recent events involving X.com owner Elon Musk and former President Donald Trump.

Over the past 24 hours, the price of TRUMP has moved by -13.18% and is currently at $4.15. The 24-hour trading volume for MAGA stands at $9,192,743. Over the past year, the Trump-inspired token has experienced a 33975.93% change in price.