Vitalik Buterin sold a whopping 28 different Meme Coins today, donating the proceeds to his charity, Kanro. The total value of these coins amounts to about 984,000 USDC.
Some of these coins have seen sharp price fluctuations after the sale, but there is no clear consistency between them. Some Meme Coins are down more than 50%, while others are up more than 100%.
Vitalik Buterin Sells Meme Coin for Charity
Vitalik Buterin, founder of Ethereum, has conducted multiple Meme Coin sales for charity in recent months. In December, he donated 88 ETH to Khao Kheow Zoo, home of Moo Deng. After receiving this support, MOODENG coin increased in price significantly.
In October, he also sold more than $2 million in Meme Coins to other charities.
This time, Buterin sent all the money from the Meme Coins to a special charity organization called ‘Kanro’. This is his non-profit organization aimed at fighting the pandemic.
Since the COVID-19 pandemic, Buterin has shown increasing interest in donating and participating in infectious disease prevention research. For example, in 2021, the founder of Ethereum donated nearly $1 billion to help fight the pandemic in India.
Buterin has also always advocated the use of Meme Coin as a way to give back to the community beyond speculative trading. Today’s sale embodies this idea. He sold 80.47 trillion JSHIBA Tokens for 21,466 USDC, while 92,000 DOGE Tokens were sold for 35,233 USDC.
Most assets are sold for less than 100,000 USDC, but this can mean selling a few thousand or many trillions.
Or to put it another way, his philanthropic act caused real confusion among some of these small fortunes. For example, DINU is down 68%, while ESTEE is up more than 100%. Some of these Meme Coins have small market values and poor pool depth, so Buterin caused major disruption.
However, this did not lead to a consistent decline, as some assets benefited. These significant fluctuations highlight the volatile nature of Meme Coin, even compared to other crypto assets.
It seems unlikely that Buterin intended to intentionally move any coins. In fact, on several occasions last year, large sell-offs and donations from him caused underlying Meme Coins to soar. This sale is very recent, so similar gains may still occur.