- Vitalik Buterin sold eight memecoins for 651.6 ETH, equivalent to $1.62 million.
- Buterin’s action reignited speculation over his lack of confidence in memecoins.
- The memecoin market trend remained bullish despite Buterin’s selloff.
Ethereum co-founder Vitalik Buterin has sold eight memecoins for 651.6 ETH, worth $1.62 million, within one hour. This transaction, identified by Spot On Chain, an AI-powered crypto analysis platform, continues Buterin’s trend of selling off his memecoin holdings.
Spot On Chain reports that Buterin has accumulated 1,101 ETH, worth $2.78 million, in the past nine days by selling memecoins. True to form, he has donated a significant portion of the proceeds to charity. According to Spot On Chain, the Ethereum developer has donated 360.16 ETH, equivalent to $884,000.
Buterin’s memecoin sales have renewed speculation about his lack of confidence in this category of cryptocurrencies. While he maintains that he doesn’t personally buy these tokens, many memecoin creators gift him, likely as a marketing tactic or to gain his endorsement. This hasn’t stopped him from selling them and donating the profits.
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Source: https://coinedition.com/the-memecoin-meltdown-vitalik-buterin-cashes-out/