Memecoin Moodeng on Ethereum Jumps 480% After Vitalik Buterin's Mention and Donation SalesMemecoin teams regularly send Buterin a small portion of their supply as a marketing gimmick. He usually just sells it all for donations.

A memecoin themed after viral Thai zoo hippo Moo Deng zoomed nearly 500%, before paring gains, in the past 24 hours as traders viewed a social media mention by Ethereum co-founder Vitalik Buterin as a positive catalyst.

Buterin sold 10 billion MOODENG for 308.69 ether (ETH), worth $762K at current prices, and transferred 260 ETH, or $642,000, to the charity Kanro earlier on Monday.

His publicly-known Ethereum address vitalik.eth still holds 40 billion MOODENG tokens, worth over $8 million at current prices.

The team sent Buterin a portion of its supply when it was first issued in September. On Oct. 5, Buterin sold over $50,000 worth of MOODENG, alongside other tokens, for ether. Buterin regularly receives memecoins and tokens unsolicited as a marketing gimmick first popularized by Shiba Inu (SHIB).

Source: CoinDesk