Vitalik Buterin Sells Off 28 Different Meme Coins for Charity Donation

by

Today, Vitalik Buterin offloaded substantial amounts of approximately 28 distinct meme tokens, channeling the earnings towards his charitable organization, Kanro. The combined worth of these digital coins is estimated to be roughly 984,000 USD Coin (USDC).

After the sale, some assets experienced dramatic ups and downs in value, yet there was no consistent pattern across them. For instance, certain meme coins plummeted by more than half, whereas others skyrocketed by more than 100%.

Vitalik Buterin Offloads Meme Coins for Charity

Recently, Vitalik Buterin, creator of Ethereum, has been involved in several charity meme coin sales. In December, he generously donated 88 ETH to the Khao Kheow Open Zoo, where Moo Deng resides. This endorsement led to a substantial increase in the value of MOODENG coins.

In October, he additionally donated the earnings from selling more than $2 million worth of meme coins to various other non-profit organizations.

On this occasion, Buterin transferred all the funds from the meme coin to a specific charity named ‘Kanro.’ This charity is one of his personally established non-profit organizations that focuses on combating pandemics.

As a researcher focusing on communicable diseases, I’ve noticed an escalating involvement of Vitalik Buterin in recent times. This includes making substantial donations and supporting research aimed at mitigating such diseases, especially following the outbreak of COVID-19. For example, back in 2021, the creator of Ethereum generously contributed close to a billion dollars towards India’s fight against the pandemic.

Moreover, Just like Buterin consistently endorses the use of meme coins as a method to return value to the community rather than just for speculative trading, today’s market movements seemed to echo this viewpoint. Specifically, he disposed of 80.47 trillion JSHIBA tokens in exchange for 21,466 USDC, and sold off 92,000 DOGE tokens worth approximately 35,233 USDC.

The majority of the assets were disposed of at prices below 100,000 US Dollars each, which implies it might have been a small number or an incredibly large amount sold.

To put it another way, his generous act of charity significantly impacted several smaller investments, resulting in chaos or instability for some. For instance, DINU dropped by 68%, whereas ESTEE surged more than 100%. These meme coins had limited market value and shallow liquidity pools, which Buterin disrupted greatly.

Contrarily, there wasn’t a complete market collapse, since some assets actually thrived amidst these fluctuations. The extreme price changes serve as a reminder of the unpredictable nature of meme coins, when compared to other cryptocurrencies.

Despite the instability, not every asset plummeted in value. In fact, some even saw gains during these volatile periods, which underscores the erratic behavior of meme coins versus other digital assets.

It’s rather improbable that Buterin intentionally aimed to inflate any of them. In fact, previous instances where he sold off significantly and donated the funds led to a surge in the value of those meme coins. Given that his latest sale took place not long ago, there’s a possibility that similar positive impacts could occur again.

Read More

2025-01-06 21:17