Vitalik Buterin sold 10B MOODENG tokens, donating $640,000 of the proceeds to his charity, Kanro.
Buterin's MOODENG sale led to a 20% drop in the token's market price, aligning with his advocacy for charitable use of cryptos.
The Ethereum co-founder boosted charity by converting a significant meme coin sale into a donation, setting a precedent in the crypto community.
Ethereum co-founder Vitalik Buterin recently sold 10 billion MOODENG tokens, translating the proceeds into a significant charitable donation. Blockchain analytics firm Lookonchain reported that Buterin converted the sale into 308.7 ETH, approximately valued at $762,000 at the time of the transaction. He subsequently donated 260.15 ETH, worth around $640,000, to his biotech charity, Kanro.Â
Buterin's decision to direct the proceeds from the meme coin towards charitable causes is consistent with his advocacy for utilizing cryptocurrency for social good. The sale resulted in a 20% drop in MOODENG's market price, commonly occurring when large token quantities are sold quickly. Despite this, Buterin remains a proponent of meme coins serving a purpose beyond mere speculative instruments, emphasizing their potential to generate societal value.
https://twitter.com/VitalikButerin/status/1843260976206082216 Impact on the Cryptocurrency Market and Charity
Following the transaction, the price of MOODENG declined, which Buterin addressed by encouraging the crypto community to focus on direct charitable contributions rather than speculative trading. His influence in the cryptocurrency market is significant, with his actions often setting trends for how tokens can be leveraged for philanthropic efforts. This recent activity underscores a broader movement within the crypto community towards using the technology for charitable causes, aligning with Buterin's long-standing position.
In addition to the MOODENG sale, Buterin has been actively involved in various charitable activities, using his platform to support multiple causes. His previous donations have supported sectors ranging from pandemic relief to animal welfare. The Ethereum co-founder's approach not only boosts the projects he supports but also encourages others in the community to consider how they can use their holdings for beneficial impact.
Buterin's Advocacy for Ethical Crypto Usage
Ethereum creator Vitalik Buterin has consistently used his status to promote the proper utilization of cryptocurrencies. His recent moves help to strengthen this storyline, for example, when he learned to make a proper, responsible profit in the cryptosphere for himself and his family but used it to help charitable organizations. By publicly declaring his intention to donate proceeds and urging others to do the same, Buterin sets a precedent for other token holders and creators in the industry.
The Ethereum co-founder's involvement in developing and endorsing updates like Optimismâs SuperchainERC20 highlights his commitment to improving the cryptocurrency ecosystem. These technical advancements enhance scalability and interoperability among Ethereum's layer-2 solutions, further solidifying its infrastructure for broader, more effective use cases, including charity.
The post Vitalik Buterin Sells MOODENG Tokens for Charity Donations appeared first on Crypto News Land.