Vitalik Buterin Converts Memecoins for Charitable Purposes
Ethereum co-founder Vitalik Buterin has recently made headlines by converting a large portion of his memecoin assets into Ethereum (ETH) for the purpose of charitable donations.
Significant Donation to Fight Airborne Diseases
On October 7, 2023, Buterin disclosed on X that he sold 10 billion Moodeng tokens to finance technologies aimed at combatting airborne diseases. An analysis from Lookonchain corroborated this move, revealing that he exchanged the Moodeng tokens for approximately 308.69 ETH, summing up to around $762,000. Buterin proceeded to donate 260 ETH, roughly $637,000, to Kanro, a charitable platform focused on biotech initiatives.
Impact on Moodeng Token Value
Despite selling a significant amount of his holdings, Buterin still retains about 40 billion Moodeng tokens, which holds an estimated value of $3.66 million. However, his actions triggered a notable 21% drop in Moodeng’s market value within 24 hours, bringing its trading price down to approximately $0.1077.
Recent Transactions and Previous Charitable Efforts
Buterin’s recent transactions come shortly after he sold four other tokens—including Moodeng, Neiro, Degen, Kabosu, and USDT—for around 140.67 ETH, or about $341,000. Following this sale, he donated 100 ETH (valued at approximately $240,000) to support the legal defense of Tornado Cash developer Roman Storm, marking the third occasion he has contributed to Storm’s defense fund.
“I can’t describe how much it means to me. Thank you for your long-lasting support,” stated Storm, expressing his heartfelt gratitude for Buterin’s assistance.
Advice for Future Memecoin Creators
Buterin has also shared guidance for memecoin developers, urging them to allocate tokens directly to charitable entities instead of sending them to him without solicitation. He encourages creators to consider establishing Decentralized Autonomous Organizations (DAOs) to enhance community involvement in donation processes. In his recent post, he said:
“I truly prefer if you guys send to charity directly, maybe even make a DAO and get your community directly engaged in the decisions and process.”
Philanthropic Potential of Memecoins
Buterin strongly believes that memecoins can have a positive impact on society when utilized for benevolent causes.
Mentioned in this article
This rewritten article retains the essential elements of the original while using optimized headings, subheadings, and a structured layout.