Vitalik Buterin Continues Memecoin Sales with $1.6M Converted for Donations

Sentiment Status: Neutral

Though Buterin’s initiative to convert memecoins into charitable donations has been widely praised, he has also voiced criticism against the creation of celebrity-themed tokens.

Ethereum co-founder Vitalik Buterin converted $1.6 million worth of memecoins into Ether (ETH), staying true to his promise to donate the funds to charitable causes. The transaction adds to the $2.78 million in memecoins he has sold over the past nine days, with $884,000 already directed toward charity.

Buterin’s latest sale included $982,800 worth of Moo Deng (MOODENG), $231,000 of Monsterra (MSTR), and $183,000 of Ethereum Is Good (EBULL). Additional smaller holdings of coins such as Popcat (POPCAT) and Fwog (FWOG) were also sold as part of this transaction.

This latest round of memecoin sales follows Buterin’s earlier donation of 10 billion tokens to a charity focused on anti-airborne-disease technology, which he announced on October 7. The Ethereum creator has reiterated that he appreciates memecoin issuers sending him tokens but encourages them to donate directly to charitable causes instead.

In August, Buterin donated a large amount of animal-themed memecoins to the Effective Altruism Funds’ Animal Welfare Fund, reinforcing his view that even humorous or seemingly trivial tokens can be harnessed for the public good.

His portfolio, valued at over $700 million, still contains important memecoin reserves, including $2.4 million in MOODENG, $144,000 in Neiro (NEIRO), and $80,000 in Degen (DEGEN), hinting that more donations in the future.

While Buterin’s efforts to convert memecoins into charitable donations are largely praised, he has also criticized the practice of creating celebrity-themed tokens. He argues that such coins primarily serve the interests of celebrities and early investors rather than benefiting society.

While these tokens often bring humor and entertainment, their long-term value and societal impact remain debatable.

Notably, economists Tyler Cowen and Alex Tabarrok recently discussed his potential nomination for the 2024 Nobel Prize in Economic Sciences during their podcast, Marginal Revolution.

“Vitalik built a platform, created a currency, and redefined economic theory, following in the footsteps of Satoshi Nakamoto”, Cowen remarked. Tabarrok also pointed out Buterin’s role in developing Ethereum’s proof-of-stake mechanism.