In a surprising turn of events, Ethereum [ETH] co-founder Vitalik Buterin has turned his attention from his recent ETH sales to a commendable act of charity. He converted some of his $1.6 million worth of memecoins into ETH, donating the proceeds to various charitable initiatives.
Transfer details
According to a report by blockchain analytics firm Spot On Chain, Buterin’s latest transaction included the sale of $982,800 Moo Deng (MOODENG), $231,000 Monsterra (MSTR), and $183,000 ETHEREUM IS GOOD (EBULL).
He also sold small amounts of other memecoins such as Popcat (POPCAT), Fwog (FWOG) and vitalek buteren (VITALIK).
The change highlights Buterin’s commitment to using cryptocurrencies to create positive social impact, reflecting his belief in the potential of digital assets to benefit society.
Thus, as of October 13, Buterin has converted $2.78 million worth of memecoin into Ether, donating $884,000 to various charities in just the past nine days.
Buterin appreciates memecoin issuers
However, Buterin also expressed gratitude to the memecoin issuers who sent him tokens for charitable purposes but encouraged them to consider donating directly.
On October 7, he announced via an X post that he would donate the entire 10 billion memecoins he received to an organization focused on airborne disease prevention initiatives.
He said,
“I appreciate all memecoins donating a portion of their supply directly to charity.”
He added,
“I've said before that I think the coolest thing for memecoins is if they can bring maximum positive sum to the world, so it's great to see moments where that actually happens!”
What else?
Previously, on August 15, he donated all of his animal-themed memecoins from the previous year to the Effective Charity Foundation's Animal Welfare Fund.
With around $700 million in his crypto portfolio, including $2.4 million in MOODENG tokens and smaller amounts in Neiro (NEIRO), Monsterra (MSTR), and Degen (DEGEN), the likelihood of Buterin donating even more is high.
He has consistently advocated the positive impact of memecoins on society, emphasizing their potential to fund essential public projects and provide income opportunities for individuals in low-income countries.
At the same time, he criticized celebrity-themed tokens as primarily benefiting celebrities and early investors.
Impact on ETH and Buterin's future
Buterin's recent charitable activities have not only sparked interest in memecoin but also contributed to a positive change in the Ethereum market.
According to CoinMarketCap, the cryptocurrency is trading at $2,554, up 3.60% over the last 24 hours.
However, concerns remain as public sentiment appears to be leaning towards pessimism.
Despite this, the impact of Buterin's philanthropic efforts has attracted the attention of prominent economists such as Tyler Cowen and Alex Tabarrok, who have suggested he is a potential candidate for the 2024 Nobel Prize in Economic Sciences.
Cowen said in their podcast,
“Vitalik built a platform, created a currency, arguably disproved Mises' regression theorem in the process, clearly following in Satoshi's footsteps.”
They argue that Buterin's contributions to both cryptocurrency and blockchain are unparalleled, putting him in the same league as Satoshi Nakamoto, the anonymous creator of Bitcoin [BTC].
