Vitalik Buterin Unloads Meme Coin Stash, Here's Where Proceeds Go

Analytics account on the X social media network @spotonchain shared that the co-creator of the Ethereum blockchain and its frontman Vitalik Buterin decided to sell some of the meme coins he held, as well as USDT stablecoins.

Vitalik Buterin dumps some meme coins and USDT

Chinese crypto journalist and blogger Colin Wu specified the exact amounts dumped by Buterin on exchanges: 70.71 million Neiro, 11.76 billion MOODENG, 7.8 million DEGEN and 16.03 billion KABOSU. Buterin also dumped 100,000 USDT donated by the CATE project.

In total, the amount of meme coins and USDT sold by Buterin was worth approximately $360,000 in fiat. This sale took place within just half an hour. He exchanged those coins to 140.6 ETH. The Lookonchain account added that he had received all these meme coins for free, from their developers.

Spotonchain also shared that Buterin sent 100 ETH (worth roughly $242,000) to the “Free Alexey & Roman” campaign, which supports the legal defense of the TornadoCash developers who are being held in custody — Alexey Pertsev and Roman Storm. The tweet did not specify, though, whether Buterin sent the 100 ETH earned on the meme coin sale or if it was different funds.

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Buterin sells Ethereum while ETH plummets

Earlier this week, a wallet tied to Buterin was spotted moving 649 ETH to Paxos — that amount of crypto was valued $1.79 million at the time of the transaction.

This coincided with a marginal ETH price slump of less than 1%. Crypto sales initiated by influencers of Vitalik Buterin’s scale often have an impact on crypto prices, often it is not visible immediately.

At the time of this writing, the second largest cryptocurrency Ethereum is changing hands at $2,416 after a 2.2% increase in the last 24 hours.