In a significant move that’s catching the crypto community’s attention, Vitalik Buterin, who is Ethereum co-founder, grabbed the headlines once again, as revealed by Spot on Chain. The data indicates that On October 7, 2024, Buterin exchanged 10B $MOODENG tokens worth $822K for 308.68 ETH tokens, which was equivalent to $503K.
Apart from the sale, he also contributed 260.16 ETH (about $642k) to the charity Kanro. This sale came after his previous trades on October 5 when he sold 11.76 billion of the same token for $50.985K, which are part of this meme coin dump.
This outflow marked a spike in the trading volume of the token, as is evident from the transaction curve. As indicated by the high rate of transactions occurring on $MOODENG, Buterin’s action is sure to affect the token’s price depending on the transaction’s frequency and the size of the tokens being unloaded onto the market.
Meme Coin Sell-Off Continues Across Multiple Tokens Including MOODENG
On the 5th of Oct Buterin sold not only the $MOODENG but also other tokens such as $DEGEN, $NEIRO, $KABOSU, and $USDT, all in a span of 30 mins to get 140.67 $ETH. These actions suggest that Buterin appears to have plans to downscale his involvement with speculative meme tokens.
Despite these sales, he still has control of around 40 billion $MOODENG making him the effective owner of 9.51% of total circulation. With regards to whether such sales are long-term plans or a series of short-term maneuvers is yet to be known.
Market Implications
Since Buterin is one of the prominent personalities in the world of crypto, his sales will create some market impact on Ethereum, MOODENG & other coins. His massive outflow on 7th October is significant to assess the future returns of $MOODENG and other meme coins with which he is involved. His continuous sell-offs make waves in the crypto market, and traders keenly follow any more liquidations or changes.
