Ethereum co-founder Vitalik Buterin sold eight memecoins for 651.6 ETH, worth $1.62 million, within an hour. The transaction, identified by Spot On Chain, an AI-powered cryptocurrency analytics platform, continues Buterin's trend of selling off his memecoin holdings.
Spot On Chain reports that Buterin has amassed 1,101 ETH, worth $2.78 million, over the past nine days by selling memecoins. As expected, he donated a significant portion of the proceeds to charity. According to Spot On Chain, the Ethereum developer donated 360.16 ETH, worth $884,000.
Buterin's sale of memecoins has sparked speculation about his lack of confidence in the cryptocurrency. While he insists he did not personally purchase the tokens, many memecoin creators have gifted them to him, possibly as a marketing tactic or to gain his endorsement. This has not stopped him from selling them and donating the profits.
Despite Buterin's sell-off, the memecoin sector is still on the rise, with a market capitalization of $57.03 billion. This reflects the overall positive sentiment towards memecoins, especially among traders who use them for speculation.
DOGE, the largest memecoin by market capitalization, is up 0.47% over the past 24 hours, while SHIB, the Shiba Inu ecosystem token, is up 1.18%.
Notably, MOODENG made up the bulk of the memecoins Buterin sold during the recent sell-off. The Ethereum mogul sold 10 billion MOODENG for 395.95 ETH, or $982,000. The second-largest sale was MSTR, where he sold 200,000 tokens for 93.23 ETH, or $231,000.
Spot On Chain also reported that Buterin sold small amounts of EBULL, POPCAT, FWOG, Milo, TCATI, and VITALIK.
