Vitalik Buterin is Dumping Millions Worth of Meme Coins: Details

Ethereum co-founder Vitalik Buterin sold 651.6 ETH worth of meme coins, which is approximately $1.62 million, in line with his commitment to charitable donations.

The tokens sold include significant amounts such as 10 billion MOODENG for 395.95 ETH ($982K), 200K MSTR for 93.23 ETH ($231K), and 500 million EBULL for 73.79 ETH ($183K), as per Spot On Chain.

Other sales included meme coins such as POPCAT, FWOG, Milo, TCATI, and VITALIK tokens.

Buterin’s Charity Donations

Over the past nine days, Buterin has amassed 1,101 ETH ($2.78 million) through meme coin sales, of which he donated 360.16 ETH ($884K) to charities, the blockchain analytics platform revealed in its latest update.

In a tweet last week, Buterin expressed his appreciation for meme coins that donate portions of their supply directly to charity while citing examples like EBULL, which contributed to various causes last month. He highlighted MOODENG’s recent 10 billion token donation, which he plans to allocate to anti-airborne-disease technology.

While the exec acknowledged the donations he receives, he urged meme coin creators to send them directly to charities or even form DAOs to engage their communities in the decision-making process. He went on to say that the most positive outcome for meme coins is when they can contribute to the greater good.

Not everyone was pleased with the sales and the endorsement of the lesser-known meme coins. One such was ‘Crypto Rug Muncher,’ known for uncovering potential crypto scams, who voiced concerns about Buterin’s actions, particularly regarding the EBULL token. Following Buterin’s tweet, the individual pointed out that while the Ethereum exec may have boosted EBULL’s visibility, he believes the token remains a supply-controlled scheme.

He also claimed that 55 new wallets hold over 40% of EBULL’s supply and alleged that the project’s charitable donations were funded by dumping tokens on unsuspecting buyers, urging others not to support it.

Concerns Surrounding Meme Coins

Despite the resurgence of meme coins this year, concerns are mounting among industry leaders. Chris Dixon, a general partner at Andreessen Horowitz (a16z), noted that while these tokens can be easily created and traded, legitimate projects with long-term potential are grappling with regulatory barriers.

Digital asset manager CoinShares also warned earlier this year that meme coins face significant risks, such as market manipulation and liquidity issues, which pose serious threats to their stability and the wider crypto market.