Vitalik Buterin, the co-founder of Ethereum, doesn’t seem to be stopping when it comes to selling memecoin. Market intelligent platform Spotonchain reports that Vitalik has sold a whopping $341,000 worth of meme coins in just 30 minutes, while also donating a large sum to support the developers of TornadoCash.
Massive Sale of Meme-Coins
According to a report from Spotonchain, Buterin sold several meme coins, including MOODENG, DEGEN, NEIRO, and KABOSU, along with the stablecoin USDT. This sale earned him 140.67 ETH, which was about $242,000 at that time.
Such a large sale in a short time grabbed the attention of market watchers, creating panic among investors, especially since Buterin is a well-known figure in the crypto world. Meanwhile, this isn’t the first time Buterin has sold a memecoin.
Back in August, he sold all 17.145 billion low-cap Neiro tokens, which he got from the Neiro team, in exchange for 44.53 ETH. After Buterin’s sale, the value of the memecoin dropped sharply by 60%, bringing its price down to $0.011 at that time.
After Buterin’s sale, the value of the memecoin dropped sharply by 60%, bringing its price down to $0.011 at that time.
However, some analysts are worried that this sell-off could lead to a price drop in this memecoin too.
Reason Behind The Sell-off
However, this sell-off has raised the question about the motive behind this memecoin dump. Meanwhile, Spotonchain revealed that Buterin donated 100 ETH, around $242,000, to the “Free Alexey & Roman” campaign. This campaign aims to help Alexey Pertsev and Roman Storm, the creators of TornadoCash, who are facing legal challenges.
TornadoCash is a service that helps users keep their transactions private, and the developers are in trouble because some people use it for bad activities.
Buterin’s support for these developers shows he cares about privacy in the crypto world.
Source: https://coinpedia.org/news/vitalik-buterin-just-sold-341k-in-meme-coins-to-support-tornadocash-developers/