Ethereum co-founder Vitalik Buterin recently converted a significant portion of his memecoin holdings to ETH for charitable donations.
In an October 7 post on X, Buterin revealed that he sold 10 billion Moodeng tokens to fund technologies to fight airborne diseases.
On-chain analytics platform Lookonchain confirmed the statement, noting that Buterin sold the Moddeng tokens for 308.69 ETH (approximately $762,000) and donated 260 ETH (approximately $637,000) to Kanro, a platform biotechnology charity.
Despite the sale, Buterin still holds around 40 billion Moodeng tokens, valued at around $3.66 million. His action, however, led to a decline in the value of Moodeng, with the token falling 21% in the last 24 hours. At the time of writing, the token is trading at around $0.1077.
Previous sales of Buterin memecoins
This transaction comes less than two days after Buterin sold four tokens – Moodeng, Neiro, Degen, Kabosu and USDT – for 140.67 ETH, worth approximately $341,000.
Following the transaction, Buterin donated 100 ETH, worth approximately $240,000, to Tornado Cash developer Roman Storm’s legal defense fund. This is the third time Buterin has supported the Storm defense.
In an X post, Storm expressed his gratitude for Buterin’s continued support, saying:
“I can’t describe how much this means to me. Thank you for your lasting support.
Market observers noted that these transactions reflect Buterin’s commitment to converting memecoin holdings into charitable donations. Earlier this year, he sold a large quantity of animal-themed coins and donated ETH worth $532,000 to the Animal Welfare Fund.
Buterin advises memecoin creators
Buterin also expressed his preference for memecoin creators to donate tokens directly to charitable causes rather than sending them unsolicited.
He suggested that these creators consider forming decentralized autonomous organizations (DAOs) to involve their communities in the giving process. In his X post, Buterin said:
“I really prefer that you send directly to charities, maybe even create a DAO and have your community directly involved in the decisions and the process.”
Buterin further pointed out that memecoins could have a positive impact the world when used for good causes.
