Vitalik Buterin, Ethereum’s co-founder, sold 10 billion MOODENG meme coins for 308.7 ETH, worth approximately $762,000, on October 7, 2024. Following the sale, Buterin transferred 260.15 ETH (around $640,000) to his biotech charity, Kanro, which focuses on pandemic solutions, particularly in underdeveloped regions. His transaction led to a 20% drop in MOODENG’s price, reducing its value to $0.10, and causing concern among holders.
Besides his sale, Buterin expressed his appreciation for meme coins that donate portions of their supply to charity. In his tweet, he emphasized the importance of meme coins benefiting global causes. He further encouraged communities to form DAOs, promoting decentralized decision-making in charitable endeavours.
He stated that donations sent to him would always be redirected to charitable causes. Buterin remains steadfast in this position, insisting that memecoins can be maximally positive when tied to global improvements.
Buterin’s Charitable Efforts and Market Impact
Moreover, Buterin’s transaction had effects on the memecoin market. The MOODENG sale caused anxiety within its community, but Buterin reassured investors that charity-driven efforts are the coins’ ultimate purpose. His direct involvement in charitable initiatives has cemented his reputation for using crypto for social good.
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Additionally, Buterin has made other notable donations, including 70.71 million NEIRO tokens and funds from MOODENG to support legal efforts for Tornado Cash developers. This campaign, dubbed “Free Alexey & Roman,” helps defend developers facing trial in New York for privacy-related charges.
Vitalik’s Broader Role in Ethereum and Blockchain Development
Besides his philanthropic endeavors, Buterin remains a key figure in Ethereum’s development. Recently, he endorsed the Optimism SuperchainERC20 update, which introduces a new cross-chain interface to boost scalability. This update aims to increase collaboration between Ethereum’s layer-2 solutions. Moreover, Buterin has proposed lowering the Ethereum staking requirement from 32 ETH to 16 ETH, with long-term plans to reduce it to just 1 ETH.
