Vitalik Buterin's Memecoin Sales and Donation to Coin Center: What Does It Mean for ETH?

Vitalik Buterin, the founder of Ethereum [ETH], has recently turned to selling memecoins, offloading four different memecoins for a total of 24.5 ETH tokens

Vitalik Buterin, the mind behind Ethereum [ETH], has recently sold four different memecoins, offloading a total of 24.5 ETH tokens. This amounts to a value of $81.8K, based on current prices.

According to SpotOnChain, Buterin sold 330 billion $LEDOG for 10.96 ETH, 3.03 trillion $DOGC for 10.8 ETH, 19.95 million $99 for 1.58 ETH, and 300 million $VITALIK for 1.14 ETH.

After selling these four memecoins, he went on to make a large donation to Coin Center, giving 320 ETH tokens. At the time, this donation was valued at $1.07 million.

How does this impact ETH?

Typically, a donation to Coin Center can have both positive and negative effects on the price charts of ETH.

Firstly, if the donation to Coin Center is sold to fund operations and is a large amount in relation to trading volume, this could introduce some selling pressure.

On the other hand, a donation by a high-profile individual like Buterin can bring attention to Ethereum. This could generate positive publicity, creating a temporary surge in interest and trading activity.

So far, the donation has not had a negative impact on ETH price charts. In fact, Ethereum remained bullish. Thus, the donation if sold has been absorbed by the market and ETH is currently enjoying bullish sentiment.

This bullishness was observed by AMBCrypto in the market behavior of large holders. According to IntoTheBlock, the whales’ netflow remained positive during this period.

This indicates that there is more funds inflow into ETH than outflow. When large holders are purchasing more, it suggests accumulation as they anticipate prices to surge.

Furthermore, Ethereum’s Open Interest(OI) surged over the past week, hitting an ATH. According to Coinglass, OI hit a record high of $21.22 billion and settled at $20.8 billion, at press time.

A surge in open interest suggests that investors are opening new positions while holding existing ones.

What’s next for the altcoin?

As discussed above, Buterin’s donation to Coin Center is yet to negatively impact ETH price charts. Instead, investors are bullish on Ethereum as the bulls attempt to regain the market.

At press time, Ethereum was trading at $3416. This marked a 1.09% increase over the past day. However, the altcoin is up on weekly and monthly charts, having gained 8.88% to 35.97%, respectively.

This sustained uptrend positions the altcoin for more gains. As such, if the bulls regain control while positive sentiment holds, ETH will attempt to reach $3560 where it has faced multiple rejections.