Vitalik Buterin sells $1.62M worth of meme coins
Ethereum (CRYPTO:ETH) co-founder Vitalik Buterin recently sold 651.6 ETH worth of meme coins, equating to approximately $1.62 million.
These sales have drawn mixed reactions, with some questioning the legitimacy of certain tokens, particularly EBULL, while others focus on his charitable contributions.
According to Spot On Chain, Buterin's sales included 10 billion MOODENG (CRYPTO:MOODENG) for 395.95 ETH ($982K), 200,000 MSTR (CRYPTO:MSTR) for 93.23 ETH ($231K), and 500 million EBULL (CRYPTO:EBULL) for 73.79 ETH ($183K).
Other tokens sold were POPCAT (CRYPTO:POPCAT), FWOG (CRYPTO:FWOG), Milo (CRYPTO:MILO), TCATI, and VITALIK.
Over the last nine days, Buterin accumulated 1,101 ETH ($2.78 million) from meme coin sales, of which 360.16 ETH ($884K) has been donated to various charities.
In a recent tweet, Buterin expressed appreciation for meme coins that allocate part of their supply to charitable causes.
He highlighted EBULL and MOODENG as examples and encouraged meme coin creators to donate directly to charities or form DAOs to involve their communities in philanthropic decisions.
He believes meme coins can achieve positive outcomes by contributing to the greater good.
However, not everyone is pleased with Buterin’s recent actions.
'Crypto Rug Muncher,' known for exposing potential scams, raised concerns about EBULL.
The individual claimed that EBULL operates as a supply-controlled token, with 55 wallets holding over 40% of its supply.
Furthermore, they suggested that the project's charitable donations may be funded by selling tokens to unsuspecting buyers, urging others not to support the token.
As meme coins regain attention, industry leaders remain cautious.
Chris Dixon of a16z remarked that while meme tokens are easy to create, legitimate projects face regulatory challenges.
CoinShares has also warned of risks like market manipulation and liquidity issues, which could harm both meme coins and the broader crypto market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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