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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Oct 05, 2024 11:33 UTC
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Vitalik Buterin Dumps $341K in Meme Coins, Donates to TornadoCash Developers
Vitalik Buterin sells $341K in memecoins for 140.67 ETH within 30 minutes.
Meanwhile, Buterin donates 100 ETH ($242,000) to support TornadoCash developers.
Vitalik’s sell-off sparks fears, as past memecoin sales caused 60% price drops.
Vitalik Buterin, the co-founder of Ethereum, is back in the news with his recent meme coin sales. According to the market intelligence platform Spotonchain, Buterin sold an impressive $341,000 worth of meme coins in just 30 minutes. He also made a generous donation to support the developers of TornadoCash.
Quick Sale, Quick Profits
According to a report from Spotonchain, Buterin sold several meme coins, including MOODENG, DEGEN, NEIRO, and KABOSU, along with the stablecoin USDT. This sale earned him 140.67 ETH, which was about $242,000 at that time.
Such a large sale in a short period caught the attention of market watchers and created concern among investors, especially since Buterin is a well-known figure in the crypto world. This isn’t the first time Buterin has sold memecoins, however.
Back in August, he sold all 17.145 billion low-cap Neiro tokens, which he got from the Neiro team, in exchange for 44.53 ETH. After Buterin’s sale, the value of the meme coin dropped sharply by 60%, bringing its price down to $0.011 at that time.
After Buterin’s sale, the value of the meme coin dropped sharply by 60%, bringing its price down to $0.011 at that time.
However, some analysts are worried that this sell-off could lead to a price drop in this meme coin too.
Why Did Buterin Sell Off?
However, this sell-off has raised the question about the motive behind this memecoin dump. Meanwhile, Spotonchain revealed that Buterin donated 100 ETH, around $242,000, to the “Free Alexey & Roman” campaign. This campaign aims to help Alexey Pertsev and Roman Storm, the creators of TornadoCash, who are facing legal challenges.
TornadoCash is a service that helps keep transactions private, but its developers are in trouble because some people misuse it for illegal activities.
Buterin’s support for these developers shows his commitment to privacy in the cryptocurrency space.
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