Ethereum co-founder Vitalik Buterin has sold off a substantial portion of his meme coin holdings, generating considerable buzz in the cryptocurrency community.
Cryptocurrency enthusiasts took note as Ethereum co-founder Vitalik Buterin sold off a substantial portion of his meme coin holdings on Friday, generating buzz in the Web3 community. The sale, which included various meme coins and USDT stablecoins, was completed in just 30 minutes and netted Buterin approximately $360,000 in fiat.
According to on-chain data, Buterin's meme coin sales included 70.71 million Neiro, 11.76 billion MOODENG, 7.8 million DEGEN, 16.03 billion KABOSU, and 100,000 USDT donated by the CATE project. The proceeds from these sales, totaling 140.6 ETH, were subsequently converted into fiat, generating around $340,000.
In a notable act of philanthropy, Buterin also allocated 100 ETH (around $242,000) to the “Free Alexey & Roman” campaign. This campaign aims to support the legal defense of TornadoCash developers Alexey Pertsev and Roman Storm1, who were arrested and remain in custody.
Vitalik Buterin (@VitalikButerin) just sold $341K worth of meme-coins #MOODENG, $DEGEN, $NEIRO, $KABOSU, and stablecoin $USDT for 140.67 $ETH in the past 30 minutes.
At the same time, he also sent 100 $ETH ($242K) to the “Free Alexey & Roman” campaign, supporting the legal… pic.twitter.com/XYjf2ZVI8g
— Spot On Chain (@spotonchain) October 5, 2024
Earlier this week, Buterin's on-chain activities also included a transaction to move 649 ETH to Paxos, a fiat-backed stablecoin platform. At the time of the transaction, the transferred ETH was valued at approximately $1.79 million.
This large ETH transfer by Buterin coincided with a slight dip in the cryptocurrency's price. While the price decrease was less than 1%, on-chain activities and transactions by high-profile figures like Buterin can influence market sentiment and prices, even if the effects may not be immediately evident.
