Key Highlights

• Vitalik Buterin sells various meme coins, netting $2.24 million in Ethereum.
• The Ethereum co-founder’s largest sale was 10 billion MOODENG tokens, earning him $976,000.
• Buterin continues to support meme coins that donate to charity.

Vitalik Buterin, the co-founder of Ethereum, has once again made headlines, this time for selling off a series of meme coins that he received for free.

According to an on-chain analysis by Lookonchain, Buterin’s recent sell-off of these tokens netted him approximately $2.24 million, or 908.77 Ethereum (ETH), as of the current market price.

Buterin’s largest sale was from a single transaction involving 10 billion MOODENG tokens, which earned him a staggering 395.96 ETH, equivalent to $976,000. This was followed by other notable sales, such as 200,000 MSTR tokens for 93.23 ETH ($231,000) and 500 million EBULL tokens for 73.79 ETH ($182,000).

Among the various meme coins sold, Buterin also offloaded 15 million Popcat tokens, earning 27.11 ETH, or $67,000.

Despite the massive sales, Buterin has previously expressed his appreciation for meme coins, particularly those that donate portions of their supply to charitable causes.

"I appreciate all the meme coins that donate portions of their supply directly to charity. Anything that gets sent to me gets donated to charity too," Buterin stated in a recent tweet.

True to his word, Buterin plans to donate 10 billion MOODENG tokens towards anti-airborne-disease technology.

Meme Coins on the Rise Amid Market Surge

Vitalik Buterin’s sell-off coincides with a broader surge in the meme coin market, driven largely by retail investors and a general recovery in the cryptocurrency space.

Several meme coins have experienced significant price increases, with investors flocking to these tokens in hopes of quick gains. The market surge has been fueled by the overall crypto market’s return to positive sentiment, a trend often referred to as "Uptober."

Many retail investors are actively searching for the next big success story, reminiscent of previous meme coin surges like Dogecoin (DOGE) and Shiba Inu (SHIB). As a result, demand for meme coins has spiked, leading to increased trading volumes and price volatility.

Market analysis suggests that while meme coins are often launched as jokes or irreverent projects, they continue to attract attention due to their potential for rapid and substantial returns.

Despite the surge in popularity, analysts emphasized that meme coins are still among the most volatile assets in the crypto market. Prices can rise sharply, only to plummet in a matter of days, making them a risky investment.

For example, the coin MAGA (TRUMP), inspired by former U.S. President Donald Trump, saw an initial price surge following recent political events, only to drop by 13.18% in the last 24 hours.

Public Figures and Political Movements Contributing to Meme Coins Popularity

Meme coins linked to prominent public figures or political movements, like MAGA and TRUMP, have been particularly volatile. These tokens often see price pumps based on current events or media coverage involving their namesakes.

For instance, tokens like MAGA experienced a surge after high-profile news involving X.com owner Elon Musk and former President Trump. However, the hype around such tokens tends to be short-lived, with price corrections occurring shortly after the initial rise.

This surge in meme coins has also been linked to the broader appeal of digital assets among retail investors. Many traders are attracted to the low entry price of these tokens and their potential for rapid gains.

But as Vitalik Buterin’s recent sell-off demonstrates, the meme coin market remains unpredictable, with large sales having the potential to trigger price volatility.