Vitalik Buterin is dumping millions of meme coins: details

Ethereum co-founder Vitalik Buterin sold 651.6 ETH in meme coins, which is approximately $1.62 million, in line with his commitment to charitable donations.

Tokens sold include significant amounts such as 10 billion MOODENG for 395.95 ETH ($982,000), 200,000 MSTR for 93.23 ETH ($231,000), and 500 million EBULL for 73.79 ETH ($183,000), according to Spot On Chain.

Other sales included meme coins such as POPCAT, FWOG, Milo, TCATI and VITALIK tokens.

Charitable donations from Buterin

Over the past nine days, Buterin has amassed 1,101 ETH ($2.78 million) through meme coin sales, of which he donated 360.16 ETH ($884,000) to charity, the platform revealed blockchain analysis in its latest update.

In a tweet last week, Buterin expressed his gratitude for meme coins that donate part of their supply directly to charity while citing examples like EBULL, which contributed to various causes last month. He highlighted MOODENG’s recent donation of 10 billion tokens, which he plans to use for anti-airborne disease technology.

While the executive acknowledged the donations he receives, he urged meme coin creators to send them directly to charities or even form DAOs to involve their communities in the decision-making process. He went on to say that the most positive outcome of meme coins is when they can contribute to the greater good.

Not everyone was happy with the sales and endorsement of lesser known meme coins. One of these was “Crypto Rug Muncher”, known for uncovering potential crypto scams, who expressed concern about Buterin’s actions, especially regarding the EBULL token. Following Buterin’s tweet, the individual noted that while the Ethereum executive may have increased EBULL’s visibility, he believes the token remains a supply-controlled scheme.

He also claimed that 55 new wallets contain more than 40% of EBULL’s supply and alleged that the project’s charitable donations were funded by dumping tokens on unsuspecting buyers, urging others not to donate I support him

Concerns around the coins themselves

Despite the resurgence of meme coins this year, concerns are growing among industry leaders. Chris Dixon, general partner at Andreessen Horowitz (a16z), noted that while these tokens can be easily created and traded, legitimate projects with long-term potential are facing regulatory barriers.

Digital asset manager CoinShares also warned earlier this year that meme coins face significant risks, including market manipulation and liquidity issues, which pose serious threats to their stability and the largest crypto market.

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