- Vitalik Buterin sold several meme coins, earning 257.1 ETH ($636,000), aligning with his policy on unsolicited tokens.
- Buterin’s recognition of meme coins like EBULL and MOODENG raised concerns about promoting risky, non-transparent crypto projects.
- Crypto figures warn that endorsements from prominent figures can inflate token prices, putting small investors at risk.
Ethereum co-founder Vitalik Buterin recently sold several meme coins, generating 257.1 ETH, which is approximately $636,000, according to Lookonchain data. The coins, sent to Buterin without solicitation, were sold as part of his longstanding policy to either sell or donate unsolicited tokens.
Consequently, this move has sparked discussion in the cryptocurrency community, particularly due to concerns about the risks posed by meme coins and their potential to mislead investors.
Meme Coins Sold in Bulk
Notably, the blockchain data reveals that Buterin sold several types of meme coins, including 330,000 MSTR for 114.1 ETH ($282,000) and 14 million POPCAT for 74.99 ETH ($186,000). Other sales included 14 billion ITO for 36.55 ETH ($90,000), 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).
Subsequently, these transactions have drawn attention because of the sizable sums involved and the growing debate over the dangers associated with meme coins.
However, while Buterin’s actions align with his previous remarks about unsolicited tokens, critics argue that his recognition of certain meme tokens could have unintended consequences. Recently, Buterin acknowledged two meme coin projects, EBULL and MOODENG, for their charitable donations, which raised eyebrows in the crypto space.
More so, both projects donated a percentage of their tokens to charity, with MOODENG focusing on anti-airborne disease technology. But some investors are worried that such endorsements may lend legitimacy to projects that may not be entirely transparent or safe for retail investors.
Read CRYPTONEWSLAND on
google news
Potential Risks for Investors
Conversely, notable figures in the cryptocurrency community have voiced their concerns about the potential risks associated with these meme coins. Crypto personality, Rug Muncher, pointed out the price spike in the EBULL token following Buterin’s endorsement, which led to an influx of new investors.
Moreover, he warned that this type of exposure could benefit insiders who could sell their holdings at inflated prices, leaving smaller investors at risk. Rug Muncher emphasized the importance of transparency and thorough vetting of projects before prominent figures offer their endorsement.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
