In a latest development, Ethereum founder Vitalik Buterin is once again on a meme-coin dumping spree, as he recently offloaded a few dog-themed meme coins like ESTEE, LDOG, etc. Buterin reportedly sold 50.54 billion ESTEE meme coins, earning 116,306 USDC, according to blockchain data. Notably, ESTEE is a dog-themed meme coin particularly inspired by Shiba Inu (SHIB).
After Vitalik Buterin sold ESTEE coins, the price briefly dropped but quickly rebounded to $0.00001903, gaining over 200% and nearly 8 times from its lowest point of $0.0000023. Also, its trading volume surged by a staggering 9141%, reaching $3.16 million.
Besides, ESTEE, Buterin also offloaded other memecoins. In the last 24 hours, he sold 340 LDOG tokens for 5.2 ETH and over 10 trillion DINU coins for 4181 USDC, sparking discussions in the crypto community over his portfolio changes and their potential impact on the market.
Market Impact
As per a recent X post by Ember monitoring, Buterin has sold 28 different meme coins over the past five hours. This sell-off has reportedly earned him $984,000 worth of USDC in proceeds, which he has, in turn, donated to the address of Kanro, his charity organization. The move aligns with his vision of using meme coins for social impact.
Buterin’s recent selloff has impacted tokens with small market caps, causing significant price drops. $DINU fell by 68%, and $JSHIBA lost 38% of its value.
Buterin: Meme Coins for Charity and Social Good
Vitalik has been receiving coins from various crypto projects as gifts and periodically selling them, donating the proceeds. Recently, he also became the foster parent of a baby pygmy hippopotamus named Moo Deng, which caused the meme coin MOODENG to rise by 70%.
Buterin views meme coins as tools for supporting meaningful causes. He believes they can positively impact society by funding public projects and helping people in lower-income areas. His actions continue to reflect this belief, as he turns unsolicited meme coin deposits into opportunities for charitable giving.
