Vitalik Buterin, one of the founders of Ethereum, earned 257.1 ETH by selling various meme coin projects, according to blockchain data. This corresponds to approximately $636,000. Buterin’s move has recently reignited the debate about meme coin donations. The cryptocurrency community has begun to question the potential dangers of such tokens for investors.
Vitalik Buterin is selling meme coin projects in his wallet
Blockchain data shows that Vitalik Buterin sold many meme coins that were sent to him for free. Among the sales, it is noteworthy that he received 114.1 ETH ($282,000) for 330,000 MSTR. On the other hand, he received 74.99 ETH ($186,000) for 14 million POPCATs. He also currently has 36.55 ETH ($90,000) in his wallet, which he received by selling 14 billion ITO. Other sales are as follows: 15.37 ETH ($38,000) for 1.05 million ETH6900, 11.34 ETH ($28,000) for 50.53 billion SATO, and 4.77 ETH ($12,000) for 10 billion Milo.
Buterin’s stance against these tokens is consistent with his previous statements. Buterin, who stated that he either sold or donated tokens sent to him unsolicited, continues this policy. However, these moves raise questions in the community about whether some projects are actually trustworthy. Recently, Buterin praised two meme coin projects on Twitter: EBULL and MOODENG. These projects donate a portion of their tokens to charity. Vitalik confirmed that the portions of these tokens sent to his address will also be used for charity. For example, the MOODENG token is allocating resources to fund technology that combats airborne diseases.
However, some members of the cryptocurrency community are uncomfortable with such statements. Critics say that meme coin projects are often opaque. They say that being recognized by prominent figures, such as Vitalik Buterin, can lead to the support of unreliable projects. Investors are concerned that projects may use philanthropic claims as a marketing strategy, putting investors at risk.
Warnings from other traders
Buterin also commented on the community discussions regarding Ethereum’s Layer 1 and Layer 2 transaction fee models. Emphasizing that fee models should be reasonable and standardized to prevent fluctuations that affect all users, Buterin argued that Ethereum should turn to proposals such as EIP-7762 and base rollups to provide balance between Layer 1 and Layer 2 solutions. Meanwhile, CryptoRugMuncher, popular in the crypto world, expressed his concerns about Vitalik Buterin’s moves. Rug Muncher, especially citing the meme coin EBULL token as an example, stated that the price of this token increased with Vitalik Buterin’s support and that this situation attracted new investors.
However, emphasizing that such interest is advantageous for large investors within, Rug Muncher said that large players who want to sell highly valued coins use this opportunity, while small investors have difficulty making a profit. Rug Muncher also stated that the philanthropic efforts of meme coin projects are commendable, but this should not be at the expense of investor safety. Stating that some projects may try to gain trust with philanthropic claims without fully disclosing their operational risks, Muncher emphasized that such projects should not be supported without in-depth research.
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