Ethereum co-founder Vitalik Buterin recently sold some meme coins, generating 257.1 ETH, or about $636,000, according to data from Lookonchain. The coins, which were sent to Buterin without solicitation, were sold as part of his longstanding policy of selling or giving away unsolicited tokens. The move has sparked much discussion in the crypto community, particularly over concerns about the risks posed by meme coins and their potential to mislead investors.

Meme Coin Sold In Massive Amounts

Notably, blockchain data revealed that Buterin sold several meme coins, including 330,000 MSTR for 114.1 ETH ($282,000) and 14 million POPCAT for 74.99 ETH ($186,000). Other sales included 14 billion ITO for 36.55 ETH ($90,000), 1.05 million ETH6900 for 15.37 ETH ($38,000), 50.53 billion SATO for 11.34 ETH ($28,000), and 10 billion Milo for 4.77 ETH ($12,000).

These transactions have since attracted attention due to the large amounts of money involved and the growing debate about the dangers associated with meme money.

However, while Buterin's actions are consistent with his previous comments on unsolicited tokens, critics have argued that his recognition of certain meme tokens could have unintended consequences. Buterin recently recognized two meme coin projects, EBULL and MOODENG, for their charitable donations, which has drawn attention in the crypto space.

Furthermore, both projects donate a percentage of their tokens to charity, with MOODENG focusing on technology to combat airborne diseases. But some investors worry that such endorsements can lend legitimacy to projects that may not be fully transparent or safe for retail investors.

Potential Risks for Investors

On the contrary, notable figures in the cryptocurrency community have voiced their concerns about the potential risks associated with these meme coins. Cryptocurrency celebrity Rug Muncher pointed to the EBULL token’s surge in price after Buterin’s confirmation, leading to an influx of new investors.

Furthermore, he warns that this type of exposure can benefit insiders who can sell their shares at inflated prices, putting smaller investors at risk. Rug Muncher stresses the importance of transparency and due diligence on projects before celebrities offer their endorsements.

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