Vitalik Buterin, the Ethereum co-founder, has sold several meme coins and earned 257.1 ETH, which is approximately $636,000, as per the blockchain data. Buterin’s action has evoked interest given the recent meme coin donations which raised concerns among the cryptocurrency community on the potential dangers to investors.
Vitalik Buterin Sells More Meme Coins
Blockchain data shows that Buterin sold several meme coins that were sent to him for free. The sales were made for 330,000 MSTR for 114.1 ETH ($282,000), 14 million POPCAT for 74.99 ETH ($186,000), and 14 billion ITO for 36.55 ETH ($90,000).
Other sales were 1.05 million ETH6900 for 15.37 ETH ($38,000), 50.53 billion SATO for 11.34 ETH ($28,000), and 10 billion Milo for 4.77 ETH ($12,000).
Vitalik Buterin’s attitude towards these tokens is in line with his previous remarks that any tokens he gets without asking will either be sold or donated. His transactions are in line with this policy though they have raised concerns on whether such actions encourage projects that are not so noble.
Charitable Meme Coins Raises Concerns
In the recent past, Ethereum co founder took to Twitter and applauded two meme coin projects, EBULL and MOODENG for donating a percentage of their tokens to charity. He also confirmed that the tokens sent to his address will be used for charity. Buterin pointed out that for instance, the MOODENG token was allocating its funds towards anti-airborne disease technology.
However, there were some concerns among the critics within the cryptocurrency community regarding the message. They claimed that recognizing meme tokens, which are usually not very transparent, may lead to the promotion of dubious assets. Certain investors are concerned that projects may leverage charity as a marketing strategy to secure funds and potentially put buyers at risk of unknown liabilities.
While at it, Vitalik Buterin also provided his thoughts on the current community debates regarding Ethereum’s layer 1 and layer 2 fee models. He urged that the fee models should be reasonable and standard to avoid fluctuation that will affect all users in the ecosystem. Buterin suggested that Ethereum should look at EIP-7762 and base rollups as initial ways to balance the fee sharing between the main network and Layer 2 solutions.
Crypto Experts Warn of Risks to Investors
Crypto Rug Muncher another popular personality in the cryptocurrency sector, shared fears about Buterin’s actions and mentioned the EBULL token as an example. As reported by Rug Muncher, the price of the token increased after the acknowledgment from Vitalik Buterin which, in turn, attracted new investors.
But he warned that this kind of exposure is favorable for insiders because they can off-load their stocks at inflated valuations while leaving the small investor struggling to make a profit.
Rug Muncher emphasized that while charitable efforts are commendable, they should not come at the cost of investor safety. He noted that some projects may use charity claims to gain credibility without fully disclosing operational risks. These concerns highlight the importance of thorough project vetting before endorsements by prominent figures.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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