Ethereum co-founder Vitalik Buterin has recently exchanged a significant amount of memecoins for Ethereum (ETH), valued at approximately $340,000. You can see his wallet here.
Vitalik Buterin Sells Memecoins Gifted to Him
The conversion took place over a 30-minute period and involved a variety of memecoins, including 100,000 USDT (donated by the CATE project), 70.71 million Neiro, 11.76 billion MOODENG, 7.8 million DEGEN, and 16.03 billion KABOSU.
This latest transaction comes on the heels of another significant ETH transfer that Buterin made two months ago. In August, he moved approximately $10 million worth of ETH to wallets associated with crypto exchanges, sparking widespread speculation about his intentions.
Many had speculated that Buterin might be liquidating his ETH holdings to capitalize on the recent price surge. With ETH trading 180% higher than its 2022 cycle low, the timing seemed opportune for such a move.
However, Buterin has been quick to dismiss these rumors. In a social media post, he clarified that he has not sold ETH for profit since 2018. Instead, he has been using his ETH transfers to support various projects he believes are valuable, both within the Ethereum ecosystem and in broader charitable endeavors.
