Vitalik Buterin Sells Meme Coins for 257.1 ETH Amid Criticism of Charity Donations

Highlights:

• Vitalik Buterin earned 257.1 ETH, approximately $636,000, from meme coin sales.
• Buterin said all unsolicited tokens he receives will be sold or donated.
• Critics claim meme coin donations could promote risky projects, jeopardizing investor safety.

According to a post by blockchain analysis platform SpotOnChain, Vitalik Buterin, co-founder of Ethereum, has earned 257.1 ETH, approximately $636,000, by selling various meme coins. Buterin’s actions have sparked interest, especially due to recent meme coin donations that raised concerns in the cryptocurrency community about potential risks to investors.

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Blockchain data suggests that Buterin sold several meme coins that were given to him for free. He reportedly sold 330,000 MSTR for 114.1 ETH ($282,000), 14 billion ITO for 36.55 ETH ($90,000), and 14 million POPCAT for 74.99 ETH ($186,000). Other sales included 1.05 million ETH6900 for 15.37 ETH ($38,000), 10 billion Milo for 4.77 ETH ($12,000), and 50.53 billion SATO for 11.34 ETH ($28,000).

Vitalik Buterin (@VitalikButerin) acquired 257.11 $ETH ($633K) by selling 6 #memecoins in the past 50 minutes!

The 6 memecoins that he sold include:
• 330K $MSTR ($281K) for 114 $ETH
• 14M $POPCAT ($185K) for 74.98 $ETH
• 14B $ITO ($90K) for 36.55 $ETH
• 1.05M #ETH6900… https://t.co/p8fctn81oV pic.twitter.com/GSP0GZslb5

— Spot On Chain (@spotonchain) October 12, 2024

Buterin Praises Meme Coin Donations to Charities

Recently, the co-founder of Ethereum took to Twitter to commend two meme coin projects, MOODENG and EBULL, for donating a portion of their tokens to charity. He also confirmed that any tokens sent to his address would be donated to a worthy cause. One example Buterin highlighted was the MOODENG coin, which funds research into technologies aimed at preventing airborne disease transmission.

I appreciate all the memecoins that donate portions of their supply directly to charity.

(eg. I saw ebull sent a bunch to various groups last month)

Anything that gets sent to me gets donated to charity too (thanks moodeng! The 10B from today is going to anti-airborne-disease…

— vitalik.eth (@VitalikButerin) October 7, 2024

Concerns Rise Over Buterin’s Support for Meme Tokens and Investor Risks

However, some critics within the cryptocurrency community expressed concerns about the message. They argued that acknowledging meme tokens, which often lack transparency, could promote questionable assets. Some investors fear that projects might use charity as a marketing tactic to attract funds, potentially exposing buyers to unforeseen risks.

Crypto Rug Muncher, a well-known figure in the cryptocurrency space, expressed concerns over Buterin’s actions, citing the EBULL token as an example. According to Rug Muncher, the token’s price surged following Buterin’s acknowledgment, which subsequently drew in new investors. However, he cautioned that such exposure benefits insiders, allowing them to sell their holdings at inflated prices, leaving smaller investors struggling to profit.

Rug Muncher stressed that while charitable initiatives are admirable, they should not compromise investor safety. He pointed out that some projects may use charitable claims to build credibility without adequately disclosing risks. These concerns underscore the need for careful vetting of projects before receiving endorsements from influential figures.

Vitalik may have pumped $EBULL by posting about it today, but it's still the same supply-controlled scam it’s always been. Currently, 55 fresh wallets control over 40% of the supply. They’ve managed to do charitable donations by dumping on those who bought into the project.… pic.twitter.com/lJ8PhBf0fG

— Crypto Rug Muncher (@CryptoRugMunch) October 7, 2024

Ethereum Price at Risk of Further Decline

Ethereum’s price has experienced significant volatility recently, fluctuating between the $2,600 and $2,300 range. In a recent analysis shared on the X platform, prominent crypto expert Ali Martinez highlighted $2,300 as a key support level for Ethereum’s price. He pointed out that over 2.4 million addresses have acquired 5.6 million ETH at this level.

Martinez cautioned that if Ether drops below $2,300, it may trigger a selloff as investors seek to minimize potential losses. He emphasized that a decline below this threshold might lead to a further decrease in ETH’s price.

The key support level for #Ethereum is $2,300, where 2.4 million addresses purchased 52.6 million $ETH. If this demand zone fails, it could lead to a sell-off as investors might look to minimize losses. pic.twitter.com/boQLSS5iE1

— Ali (@ali_charts) October 11, 2024

In another analysis, Martinez pointed out that Ether often experiences a strong correlation when it breaks below its TD setup support trendline. Based on historical patterns, such drops average around 53%, which could pose significant risks for the cryptocurrency. He warned that a significant price drop may occur if the second-largest cryptocurrency loses its support level of $2,250.

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