As a seasoned analyst with years of experience in the crypto market, I find Vitalik Buterin’s recent actions intriguing. Selling off a substantial amount of meme coins and stablecoins within half an hour is not typical behavior for someone of his stature. However, it’s important to remember that even influential figures like Buterin are human and may have their reasons for such decisions.
On the X social media platform @spotonchain, it was posted that Vitalik Buterin, a key figure in the creation and promotion of Ethereum blockchain, chose to offload some of his meme tokens and USDT stablecoins.
Vitalik Buterin dumps some meme coins and USDT
Chinese cryptocurrency journalist and blogger Colin Wu clearly stated the specific quantities of tokens sold by Buterin on various platforms: 70.71 million Neiro, 11.76 billion MOODENG, 7.8 million DEGEN, and 16.03 billion KABOSU. Additionally, it was disclosed that Buterin also offloaded 100,000 USDT that were donated by the CATE project.
Altogether, Buterin sold around $360,000 worth of meme coins and USDT in a mere half-hour span. He then swapped these digital assets into approximately 140.6 Ether. Additionally, it was noted that he had received those meme coins as free gifts from their developers.
Spotonchain announced that Buterin transferred 100 ETH, approximately $242,000, to a campaign called “Free Alexey & Roman.” This initiative aims to fund the legal defense for TornadoCash developers, Alexey Pertsev and Roman Storm, who are currently in custody. However, the tweet did not clarify whether the 100 ETH came from Buterin’s earnings during the meme coin sale or from a separate source.
Buterin sells Ethereum while ETH plummets
This past week, I noticed a transaction involving some Ether (ETH) linked to Buterin’s wallet, which moved approximately 649 ETH to Paxos. At the time of the transaction, this amount of crypto was equivalent to around $1.79 million in value.
As I observed, this event coincided with a subtle dip of nearly 1% in the Ethereum price. It’s important to note that significant sales of cryptocurrencies by influencers of Vitalik Buterin’s stature can influence crypto market prices, although the impact may not be immediately apparent.
Currently, I’m seeing Ethereum, the second-largest cryptocurrency, being traded at approximately $2,416. It’s experienced a 2.2% rise over the past 24 hours.
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2024-10-05 15:35