Ethereum founder, Vitalik Buterin has undertaken a large-scale transaction involving trillions of meme tokens, leaving the broader cryptocurrency space curious about the motives behind the founder’s decision.
Ethereum Founder Executes Massive Memecoin Sales
Ethereum inventor and founder, Vitalik Buterin has made new headlines as reports surface of his substantial memecoin sales. According to blockchain security company, PeckShield Alerts, a Vitalik labeled wallet address was seen swapping 100,000,000,000,111.111 DOBE tokens worth approximately $22,900 for 10.44 Ethereum tokens (ETH). Additionally, the wallet also initiated another sale of 1,858,140,000,000 DOJO tokens worth $6800 for 3.12 ETH.
The motivation behind the sell-offs remains unknown however the large-scale memecoin transaction has adequately caught the attention of cryptocurrency investors and the market as a whole.
The substantial meme coin sale follows a recent loss experienced by Buterin earlier this week. The Ethereum founder’s publicly known crypto wallets became short of $29 million between December 15 and 21.
The loss was reported by blockchain analytics service, Arkham Intelligence. According to the analytics platform, the reason for the loss was due to crypto market fluctuations which saw Buterin’s wallets losing 5% of the total value of its assets.
ETH price chart at $2,300 | Source: ETHUSD on Tradingview.com
Buterin Crypto Sell-Offs
In addition to Buterin’s recent large-scale meme coin sell-off, there have been many other crypto sales executed by the ETH founder. Earlier this year, Buterin sold about 9.9 billion CULT tokens worth $332,420 at the time of the sales. The Ethereum founder subsequently revealed reasons for the sell-off, stating that the cryptocurrency held no cultural or moral value.
Later in October, rumors surfaced about Buterin allegedly selling off his ETH holdings after the Ethereum founder sold about 500,000 USDC worth approximately $14.93 million at the time, to the Gemini exchange. Buterin clarified the sell-off allegations stating that the transactions were made to charitable organizations and other initiatives.
More times than not, large-scale crypto transactions from prominent leaders in the crypto space tend to capture the attention of investors as these sales could lead to a shift in the market. However, Buterin has also revealed that he has never sold Ethereum tokens (ETH) for his gain since 2018.
The Ethereum founder is known for making multiple ETH donations to charity organizations and COVID-related causes. Buterin is also known for purchasing and constantly dumping meme coins, causing the value of these tokens to plummet in several cases.
Featured image from Newsway, chart from Tradingview.com
