Analytics account on the X social media network @spotonchain shared that the co-creator of the Ethereum blockchain and its frontman Vitalik Buterin decided to sell some of the meme coins he held, as well as USDT stablecoins.
Vitalik Buterin dumps some meme coins and USDT
Chinese crypto journalist and blogger Colin Wu specified the exact amounts dumped by Buterin on exchanges: 70.71 million Neiro, 11.76 billion MOODENG, 7.8 million DEGEN and 16.03 billion KABOSU. Buterin also dumped 100,000 USDT donated by the CATE project.
Just In: Vitalik exchanged some Memecoins into his wallet for about 140.6 ETH in 30 minutes, worth about $340k, including: 100,000 USDT (donated by CATE project); 70.71 million Neiro; 11.76 billion MOODENG; 7.8 million DEGEN; 16.03 billion KABOSU. @EmberCN https://t.co/IxiJpOrtXZ
â Wu Blockchain (@WuBlockchain) October 5, 2024
In total, the amount of meme coins and USDT sold by Buterin was worth approximately $360,000 in fiat. This sale took place within just half an hour. He exchanged those coins to 140.6 ETH. The Lookonchain account added that he had received all these meme coins for free, from their developers.
Vitalik Buterin (@VitalikButerin) just sold $341K worth of meme-coins #MOODENG, $DEGEN, $NEIRO, $KABOSU, and stablecoin $USDT for 140.67 $ETH in the past 30 minutes.At the same time, he also sent 100 $ETH ($242K) to the âFree Alexey & Romanâ campaign, supporting the legal⊠pic.twitter.com/XYjf2ZVI8g
â Spot On Chain (@spotonchain) October 5, 2024
Spotonchain also shared that Buterin sent 100 ETH (worth roughly $242,000) to the âFree Alexey & Romanâ campaign, which supports the legal defense of the TornadoCash developers who are being held in custody â Alexey Pertsev and Roman Storm. The tweet did not specify, though, whether Buterin sent the 100 ETH earned on the meme coin sale or if it was different funds.
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Buterin sells Ethereum while ETH plummets
Earlier this week, a wallet tied to Buterin was spotted moving 649 ETH to Paxos â that amount of crypto was valued $1.79 million at the time of the transaction.
This coincided with a marginal ETH price slump of less than 1%. Crypto sales initiated by influencers of Vitalik Buterinâs scale often have an impact on crypto prices, often it is not visible immediately.
At the time of this writing, the second largest cryptocurrency Ethereum is changing hands at $2,416 after a 2.2% increase in the last 24 hours.
