Vitalik Buterin, the co-founder of Ethereum, is liquidating memecoin sent to his public wallet. As of the current time, Buterin has sold or exchanged dozens of token types, including popular coins like CULT, DOGE, and SHIB, as well as some lesser-known tokens related to prominent figures like Elon Musk. The total transaction value is around $2.5 million in the form of USDC and ETH.
From around 5 AM UTC, Buterin has been sending these tokens to trading platforms like CoW Swap, Uniswap, Kyber Network, and Odos. Some tokens have very low on-chain liquidity, making the impact of these transactions on prices difficult to determine.
For example, Buterin has sold trillions of DOBE (Dobermann) tokens, a memecoin that is currently showing an upward price trend.
According to on-chain data, the profits from these transactions appear to be used by Buterin to fund the Kanro charitable organization he founded. Kanro focuses on issues related to the COVID-19 pandemic. Recently, Buterin has also donated to the RiseUp organization, a charity focused on privacy and security.
Memecoin developers often send a portion of their total token supply to the wallets of influential figures like Buterin, hoping to create a media effect and drive trading activity. However, Buterin typically sells these tokens, putting downward pressure on prices, in order to use the profits for charitable purposes.
In 2021, Buterin sold over $60 million worth of SHIB and other coins sent to his wallet in a promotional campaign. This money was donated by him to charitable causes such as longevity research, artificial intelligence, and pandemic prevention.
Buterin, who is estimated to have a net worth of nearly $1 billion, holds over 240,095 ETH worth around $873 million. Additionally, he owns a significant amount of tokens like AETH (related to the decentralized exchange Aave), WHITE (the WhiteRock tokenization platform), and nearly $1 million in wrapped ETH.
