Ethereum creator Vitalik Buterin sold 10 billion units of the memecoin MOO DENG (MOODENG) and donated the proceeds to charity. As a result, the price of MOODENG increased by 300% following the sale.

Based on the current market price of $0.00018, the MOODENG memecoin tokens were sold by Buterin for around $1.8 million. The sale is part of a broader trend of charitable memecoin transactions in the second half of 2024.

Buterin sells MOODENG

On-chain data reveals that Ethereum creator Vitalik Buterin sold 10 billion units of the new meme coin MOODENG in six batches. Buterin explained this sale through a social media post. He therefore claimed that these coins were given to him by their creator.

Furthermore, Buterin added that any other coins sent to him would also be sold and donated to causes such as technology against airborne diseases:

“I appreciate all the memecoins that donate portions of their supply directly to charity. I’ve said before that I think the best thing for memecoins is if they can be maximally positive for the world, so it’s great to see moments where that actually happens,” Buterin said.

Read more: Who is Vitalik Buterin? An in-depth look at the Ethereum co-founder

From one perspective, this is just another step in Buterin’s recent wave of charitable donations using meme coins. In late March, he commented on his memecoin donations. Thus, throughout 2024, he has made many donations in this way. In early August, he sold his entire stock of Neiro, and its creators asked him to donate part of the proceeds to an animal shelter.

He did so publicly, and Neiro’s value increased significantly. Additionally, MOODENG has seen a tremendous increase in value since Buterin’s donations.

MOODENG price performance. Source: CoinMarketCap

In other words, Buterin may have discovered a way to increase the value of these meme coins for charitable transactions. MOODENG’s creators didn’t directly contribute to charity, but their unsolicited donation benefited disease prevention research nonetheless.

Read more: Solana Blockchain Memecoins That Are Promising for 2024

In this way, other memecoins are also looking to stand out with new donations. It seems unlikely that each asset would receive this price increase just because of Buterin. As such, memecoins receive a lot of criticism from certain sectors of the crypto space, but maneuvers like this seem to be an unquestionable public good.

The article Memecoin Price Soars 300% After Vitalik Buterin Sellout appeared first on BeInCrypto Brasil.