Vitalik Buterin converts unsolicited meme coin holdings into charitable donations, selling 28 different tokens for nearly $1M USDC. The move aligns with his vision of using meme coins for social impact.
Once again, Vitalik Buterin, the co-founder of Ethereum, is the talk of the crypto community after making headlines for the umpteenth time for massively dumping meme coins.
According to a recent X post by Ember monitoring, Buterin has sold 28 different meme coins over the past five hours. This sell-off has reportedly earned him $984,000 worth of USDC in proceeds, which he has, in turn, donated to the address of Kanro — his charity organization.
The sales included 500T $DINU ($13,208), 50.48B $ESTEE ($116,306), 92,000 $DOGE ($35,233), 80.47T $JSHIBA ($21,466), and 698,000 $OMIKAMI ($27,895). Additional tokens like $FREE, $DOBE, $PLUTO, and $MONKEYS were also liquidated.
Buterin Continues Philanthropic Efforts with Latest Meme Coin Sales
Although the exact purpose of his latest donation remains undisclosed, this is not the first time Buterin is using meme coins to carry out his philanthropic work, which he seems quite passionate about.
Last October, he donated $884,000 over 10 days, using funds from a similar meme coin selloff, to support a company working on anti-airborne-disease technology initiatives. About two months before that, he also used another similar selloff to contribute to Effective Altruism Funds’ Animal Welfare Fund.
For now, Buterin’s vision for meme coins, especially as tools to support meaningful causes, is becoming clearer. At least, he has always held the opinion that these tokens can positively impact society by funding public projects and enabling individuals in lower-income regions to earn.
His continued actions in this regard have been consistent with his belief. That is, as he continues to turn unsolicited meme coin deposits into opportunities for giving back.
Meme Coins Face Fallout
Meanwhile, Buterin’s recent selloff action has had an impact on some of the tokens involved, and quite expectedly so. Particularly those with small market capitalizations, they have been affected to the point of experiencing significant price drops. For instance, $DINU fell by 68%, while $JSHIBA also saw 38% of its value depleted.
Notably, though, the sudden decline only goes to show the limited liquidity and pool depth of these particular meme coins.
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