Vitalik Buterin is sending millions of meme coins: details

Ethereum co-founder Vitalik Buterin sold 651.6 Meme Coins, which is approximately $1.62 million, in line with his commitment to charitable donations.

The tokens sold include significant amounts such as 10 billion Moodeng for 395.95 ETH ($982 million), 200k MSTR for 93.23 ETH ($231 million), and 500 million Ebull for 73.79 ETH ( $183k), depending on the chain point.

Other sales included meme coins like PopCat, Fwog, Milo, Tcati and Vitalik Tokens.

Buterin’s charitable donations

Over the past nine days, Buterin has amassed 1,101 ETH ($2.78 million) through MEME coin sales, of which he donated 360.16 ETH ($884 million) to charities, the Blockchain Analytics platform revealed in its latest update.

In a tweet last week, Buterin expressed his gratitude for meme coins donating portions of their supply directly to charity while citing examples like Ebull, who contributed to various causes last month. He highlighted Moodeng’s recent Moodeng Token donation, which he plans to use for anti-aircraft technology.

While the EXEC acknowledged the donations it receives, it urged meme coin creators to send them directly to charities or even form DAOs to involve their communities in the decision-making process. He went on to say that the most positive outcome of MEME coins is when they can contribute to the greater good.

Not everyone was happy with the sales and endorsement of the lesser known MEME coins. One of these was “Crypto Rug Muncher”, known for spotting potential crypto scams, who voiced their concerns about Buterin’s actions, especially regarding the Ebull token. Following Buterin’s tweet, the individual noted that while the Ethereum executive may have boosted Ebull’s visibility, he believes the token remains a supply-controlled scheme.

He also claimed that 55 new wallets held more than 40% of Ebull’s supply and alleged that the project’s charitable donations were funded by dumping tokens on bewildered buyers, urging others not to donate to him support

Concerns about the coins themselves

Despite the resurgence of meme coins this year, concerns are growing among industry leaders. Chris Dixon, a general partner at Andreessen Horowitz ( A16Z ), noted that while these tokens can be easily created and listed, legitimate projects with long-term potential are being hit with regulatory barriers.

Digital asset manager Coinshares also warned earlier this year that MEME coins have significant risks, including manipulation and market liquidity issues, which pose serious threats to its stability and the crypto market wider

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