Vitalik Buterin Sells Memecoins for $14K

Vitalik Buterin once again dumps memecoins, continuing his routine portfolio adjustments and shuffles.

Ethereum co-founder Vitalik Buterin has once again captured attention by selling off a new batch of memecoins.

In his latest transaction, Buterin converted a selection of unwanted memecoins into $14,216 worth of USDC. This action fits his usual practice of selling off random tokens sent to his wallet without any warning or permission. The sale involved 275 trillion CAT tokens, processed through Lifi Diamond, a multi-chain liquidity aggregator.

Key Takeaways

Vitalik Buterin sold 275 trillion CAT tokens for $14,216 in USDC.
Buterin has a history of liquidating memecoins sent to his wallet.
Recent sales have often been followed by charitable donations.
The memecoin market is experiencing a downturn, with significant liquidations recently.
Buterin continues to voice his concerns about the value of memecoins.

Buterin’s transaction included selling 275 trillion CAT tokens, which were sent to his wallet just two days before. As usual, this sale caused a slight decline in CAT’s price, which fell by 0.81% over the last day.

Screenshot of Vitalik Buterin's CAT memecoin dump and recent wallet movements.

In addition to CAT tokens, Buterin's wallet also recently received 1 billion SPURDO and 6.439 billion TWOGE tokens. These transactions appear to be part of a strategy by smaller projects seeking to gain attention by associating with Buterin's prominent name.

While Buterin has not publicly explained his reasons for this latest sale, past liquidations have often led to donations for charitable causes. Earlier this month, he sold a collection of various memecoins worth $96,000 in ETH, further fueling speculation about his lack of interest in holding memecoins.

Buterin's Views on Memecoins

Despite the recent transaction, Buterin has consistently expressed his concerns regarding memecoins, referring to them as digital assets lacking true value. He has encouraged projects to refrain from sending these tokens to his wallet. Nevertheless, his public wallet continues to attract token airdrops, often creating unwarranted hype around new projects.

Notably, Buterin’s recent sale took place during an overall downturn in the cryptocurrency market. There have been over $812 million in liquidations within the past 24 hours, resulting in a 1.28% drop in total open interest, which now stands at $161 billion. Ethereum’s price has also fallen below the $4,000 mark, struggling to find support as bearish sentiments prevail, even with a recent 25 basis point rate cut by the U.S. Federal Reserve.

While the latest sale by Vitalik Buterin may seem insignificant monetarily, it underscores his ongoing opposition to memecoins and the market's persistent efforts to leverage his reputation for visibility.