As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find Vitalik Buterin’s recent decision to sell his meme coin holdings intriguing. His move, netting him approximately $2.24 million from the sale of various meme coins, underscores the potential value hidden within these digital assets, often launched as jokes.
Ethereum co-founder Vitalik Buterin is selling various meme coins he received for free.
As per an examination of blockchain data by Lookonchain, Vitalik Buterin’s latest transactions amounted to around 908.77 Ether (ETH), which translates to roughly $2.24 million using today’s value of Ethereum (ETH).
Buterin’s largest sale
According to the blockchain records, it appears that Buterin offloaded tokens from various humor-based cryptocurrency ventures, which were initially created with a humorous intent.
10 billion MOODENG tokens generated the highest sales revenue. A singular transaction yielded approximately 395.96 Ether, equivalent to around $976,000.
vitalik.eth(@VitalikButerin) sold some memecoins for 651.67 $ETH($1.61M) again 1 hour ago!In the past 12 hours, #vitalik got a total of 908.77 $ETH($2.24M) by selling memecoins received for free.Sold 10B $MOODENG for 395.96 $ETH($976K).Sold 200K $MSTR for 93.23 $ETH($231K).… — Lookonchain (@lookonchain) October 13, 2024
As a crypto investor, I recently cashed out my holdings in various assets. Specifically, I sold 200k MSTR for approximately 93.23 Ether (ETH), which equates to around $231,000. Additionally, I offloaded 500 million EBULL for 73.79 ETH, translating to about $182,000. Lastly, I exchanged 15 million Popcat (POPCAT) tokens, earning me an additional 27.11 Ether or roughly $67,000 in value.
Other notable sales included:
- 20 billion MILO for 20.75 ETH ($51,000)
11.06 trillion FWOG for 14 ETH ($35,000)
500k TCATI for 12.81 ETH ($32,000)
20.35 trillion FWOG for 8.53 ETH ($21,000)
202 million VITALIK for 5.49 ETH ($14,000)
14 billion ITO tokens for 36.55 ETH ($90,000)
1.05 million ETH6900 tokens for 15.37 ETH ($38,000)
50.53 billion SATO tokens for 11.34 ETH ($28,000)
Buterin appreciates meme coins
This dip occurs following Buterin’s past remarks, where he expressed approval towards meme coins that give a portion of their supply to charitable causes.
In a recent tweet, Buterin expressed, “I’m grateful for all the meme coins that automatically donate part of their supply to charities. Any funds sent to me will also be donated to charitable causes.
Via a tweet, Buterin announced that an endowment of 10 billion Moodeng tokens is earmarked for the advancement of anti-airborne-disease technology.
Instead, he emphasized a strong leaning towards channeling donations straight to charities. Moreover, he proposed an idea where communities might establish self-governing, decentralized organizations, empowering them to make decisions about charitable donations.
The Ethereum co-founder has long been an advocate for using cryptocurrency for social good.
In a tweet, Buterin reaffirmed his viewpoint on meme coins, expressing, “I believe that the ideal scenario for meme coins is one where they bring about the most benefit for everyone. It’s wonderful to witness instances where this actually takes place!
I’m fond of memecoins that automatically earmark a portion of their tokens for charitable causes. For instance, ebull recently transferred a significant amount to several organizations last month. Similarly, any donations I receive are promptly forwarded to charity (a big thank you to moodeng! The 10 billion from today will be directed towards anti-airborne-disease initiatives).
— vitalik.eth (@VitalikButerin) October 7, 2024
Meme coin selling spree
Vitalik Buterin’s latest round of selling occurs during a period when meme tokens are experiencing a significant increase in value. While the broader market is moving slowly, it’s the meme tokens that are spearheading this upward trend.
Multiple elements are fueling this increase, such as the general market mood and a resurgence of the overall cryptocurrency market, frequently referred to as “Uptober.” This revival has sparked renewed curiosity among investors regarding meme coins.
There’s also a noticeable increase in enthusiasm among individual investors. These retail traders are significantly contributing to the market demand, hunting for the next successful meme coin – much like the spikes seen with Dogecoin (DOGE) and Shiba Inu (SHIB) previously – which is adding fuel to this upward trend.
Political price pumps
With a more optimistic market outlook, traders are eyeing meme coins for swift profits, causing a significant rise in the prices of playful tokens such as Dark Maga and DOGE (Department of Government Efficiency). In just a few days, these coins spiked by more than 100%, but then experienced sharp declines.
Coins based on popular personalities or political trends often see sudden price spikes due to hype, however, they’re also known for their extreme volatility.
Recently, the popularity of phrases such as “MAGA” (short for “Make America Great Again,” which was a campaign slogan used by Donald Trump) has increased significantly, due to recent incidents involving Elon Musk, the proprietor of X.com, and former President Trump.
Over the past 24 hours, the price of TRUMP has moved by -13.18% and is currently at $4.15.
For the MAGA cryptocurrency, the daily trading activity totals approximately $9,192,743. Over the last year, this token linked to Donald Trump has seen an astounding price increase of about 33,975.93%.
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2024-10-13 15:46