- Vitalik Buterin sold eight memecoins for 651.6 ETH, equivalent to $1.62 million.
- Buterin’s action reignited speculation over his lack of confidence in memecoins.
- The memecoin market trend remained bullish despite Buterin’s selloff.
Ethereum co-founder Vitalik Buterin has sold eight memecoins for 651.6 ETH, worth $1.62 million, within one hour. This transaction, identified by Spot On Chain, an AI-powered crypto analysis platform, continues Buterin’s trend of selling off his memecoin holdings.
Spot On Chain reports that Buterin has accumulated 1,101 ETH, worth $2.78 million, in the past nine days by selling memecoins. True to form, he has donated a significant portion of the proceeds to charity. According to Spot On Chain, the Ethereum developer has donated 360.16 ETH, equivalent to $884,000.
Buterin’s memecoin sales have renewed speculation about his lack of confidence in this category of cryptocurrencies. While he maintains that he doesn’t personally buy these tokens, many memecoin creators gift him, likely as a marketing tactic or to gain his endorsement. This hasn’t stopped him from selling them and donating the profits.
Read also : Buterin Supports Memecoin Charity Donations, Directs Gifts
Despite Buterin’s selloff, the memecoin sector remains bullish, with a market cap of $57.03 billion. This reflects the overall positive sentiment towards memecoins, particularly among traders who use them for speculation.
DOGE, the largest memecoin by market cap, is up 0.47% in the past 24 hours, while SHIB, the Shiba Inu ecosystem token, has gained 1.18%.
Read also : 5 Memecoins To Look Out for Your Crypto Portfolio in 2024
It is worth noting that MOODENG claimed the lion’s share among the memecoins Buterin sold during the recent selloff. The Ethereum chief disposed of 10 billion MOODENG for 395.95 ETH, amounting to $982,000. The next-highest sale was MSTR, of which he sold 200,000 tokens for 93.23 ETH, equivalent to $231,000.
Spot On Chain also reported that Buterin sold smaller amounts of EBULL, POPCAT, FWOG, Milo, TCATI, and VITALIK.
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