Vitalik Buterin sold large quantities of 28 different memecoins today (6), donating the proceeds to his charity, Kanro. In total, the value of these coins amounted to around $984,000 in USDC.
Some of these assets saw price swings after the selloff, but there was no clear consistency between them. Several memecoins fell by more than 50%, while others rose by more than 100%.
Vitalik Buterin sells memecoins for charity
Ethereum founder Vitalik Buterin has held several charity memecoin sales in recent months. In December, he donated 88 ETH to Khao Kheow Open Zoo, home to Moo Deng. Following this endorsement, MOODENG coin surged significantly.
In October, he also dumped more than $2 million worth of memecoins, donating the proceeds to other charities.
Vitalik Buterin's Memecoin Transactions. Source: EmberCN
This time, Buterin sent all the memecoin money to a specific charity called ‘Kanro.’ It’s one of his own non-profit organizations dedicated to fighting pandemics.
Since the COVID-19 pandemic, Buterin has shown increasing interest in donating and contributing to research on preventing infectious diseases. For example, in 2021, the Ethereum founder donated nearly $1 billion to help fight the pandemic in India.
Furthermore, Buterin has been a consistent advocate of using memecoins as a means of giving back to the community beyond speculative trading. Today’s sale (6) reflected this idea. He sold 80.47 trillion JSHIBA tokens for 21,466 USDC, while 92,000 DOGE tokens were worth 35,233 USDC.
Almost all assets were sold for less than 100k USDC, but that could mean selling a few thousand or many trillions.
In other words, his act of charity caused a real upheaval in some of these smaller assets. For example, DINU fell 68%, while ESTEE rose over 100%. Some of these memecoins had small market caps and little pool depth, so Buterin caused a major disruption.
However, this did not result in a consistent crash, as several assets ended up benefiting. These dramatic swings highlight the volatile nature of memecoins, even compared to other crypto assets.
It seems unlikely that Buterin consciously planned to boost any of these. In fact, on several occasions last year, a large sale and giveaway by him caused the underlying memecoins to surge. This sale was very recent, so similar benefits could still occur.
The article Vitalik Buterin Sells 28 Different Memecoins for Charity appeared first on BeInCrypto Brasil.
