In the latest development, Ethereum founder Vitalik Buterin has once again jumped into the memecoin dumping frenzy, as he recently dumped a large amount of dog-themed meme cryptocurrencies such as ESTEE, LDOG, and more.
According to blockchain data, Buterin is said to have sold 50.54 billion ESTEE meme coins, earning 116,306 USDC. Notably, ESTEE is a special dog-themed memecoin inspired by the Shiba Inu.
After Vitalik Buterin sold ESTEE, the price briefly dropped but quickly recovered to $0.00001903, up more than 200% and nearly 8 times higher than its low of $0.0000023. Additionally, its trading volume skyrocketed 9,141% to $3.16 million.
In addition to ESTEE, Buterin also dumped other memecoins. In the past 24 hours, he sold 340 LDOG tokens for 5.2 ETH and over 10 trillion DINU tokens for 4.181 USDC. Buterin's meme sales sparked discussions in the crypto community about the changes in his portfolio and their potential impact on the market.
Market impact
According to a recent post on X monitored by Ember, Buterin has sold a lot of memecoin in the past 12 hours, amounting to 28 different memecoin projects.
Buterin's memecoin liquidation brought in a total of 984,000 USDC, which he later reportedly donated to the Kanro charity.
Buterin's move had a big impact on tokens with small market capitalizations, causing prices to drop significantly, with DINU dropping 68% and JSHIBA losing 38% of its value.
Sell memecoin for charity
Note that all of Buterin's memecoins were donated by projects. Buterin previously said that he often received free tokens from memecoin projects, so many that he couldn't remember them all.
Buterin also shared that he does not intend to hold memecoins long term but will sell them for charity.
Buterin sees memecoins as a tool to support meaningful causes. He believes they have a positive impact on society by funding meaningful projects and helping people in low-income areas. Is it really just charity or is there more to it?
