In today’s cryptocurrency market, Ethereum co-founder Vitalik Buterin dumped a large amount of memecoins he received for free. According to blockchain monitoring service Lookonchain, Vitalik.eth sold the memecoins, earning 140.67 ETH (around $340,500) just 4 hours ago.
Here is a breakdown of the sales:
1. 11.76 billion MOODENG ($MOODENG) were sold for 21.03 ETH ($50,900), bringing the total value of $50 billion MOODENG to about $1.4 million.
2. 70.72 million NEIRO ($NEIRO) were sold for 29.9 ETH ($72,400), making the total value of 70 million NEIRO $72,300
3. 7.8 million DEGEN ($DEGEN) were sold for 25.11 ETH ($60,800), bringing the total value of 7.5 million DEGEN to $57,300.
4. 16 billion KABOSU ($KABOSU) sold for 22.94 ETH ($55,500) and all 101,000 USDT sold for 41.69 ETH ($101,000)
Up or down?
When Vitalik sells Memcoins like this, many in the crypto community take notice. Historically, this type of activity tends to spark speculation. One notable example was with Shiba Inu (SHIB), when Vitalik sold the Memcoins he received for free and donated $1 billion worth of Memcoins to charity. Surprisingly, instead of crashing, Memcoin’s price skyrocketed, gaining a lot of notoriety.
So, could the same thing happen with Nero, Moding, or Degen? It’s hard to say. While Vitalik’s sell-off can create volatility, Memcoin projects often use this strategy to attract attention when they sell. While it remains uncertain whether the same outcome will happen to these tokens, such events often spark optimism in the market. Many believe that Vitalik’s involvement could give the tokens an upside.
As always, the cryptocurrency market is unpredictable, and whether Vitalik’s sales are bullish or bearish for these tokens remains to be seen.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
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