ethereum founder Vitalik Buterin has undertaken a large-scale transaction involving trillions of meme tokens, leaving the broader cryptocurrency space curious about the motives behind the founder's decision.
ethereum Founder Executes Memecoin Massive Sales
Inventor and founder of ethereum, Vitalik Buterin has made new headlines as reports emerge about his significant memecoin sales. According to the blockchain security company, PeckShield Alerts, A wallet address labeled Vitalik was seen exchanging 100,000,000,000,111,111 DOBE tokens worth approximately $22,900 for 10.44. ethereum tokens (eth). Additionally, the wallet also initiated another sale of 1,858,140,000,000 DOJO tokens worth $6,800 for 3.12 eth.
The motivation behind the liquidations remains unknown, however, the large scale memecoin The transaction has appropriately caught the attention of cryptocurrency investors and the market as a whole.
The major meme coin sale follows a recent loss experienced by Buterin earlier this week. The ethereum founder's publicly known crypto wallets were missing $29 million between December 15 and December 21.
The loss was reported by the blockchain analysis service, Arkham Intelligence. According to the analysis platform, the reason for the loss was due to crypto market fluctuations that caused Buterin's portfolios to lose 5% of the total value of their assets.
<img decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/0N9XH05u/" alt="Tradingview.com ethereum Price Chart” width=”3266″ height=”1530″/>
eth price chart at $2,300 | Source: ETHUSD on Tradingview.com
Buterin Cryptocurrency Selloffs
In addition to Buterin's recent large-scale meme coin selloff, the eth founder has executed numerous other cryptocurrency sales. At the beginning of this year, Buterin sold around 9.9 billion WORSHIP tokens worth $332,420 at the time of sales. The founder of ethereum later revealed the reasons for the sell-off, stating that the cryptocurrency had no cultural or moral value.
Later in October, rumors emerged about Buterin allegedly selling his eth holdings after the ethereum founder sold around 500,000 USDC worth approximately $14.93 million at the time to the Gemini exchange. Buterin clarified the sell-off allegations by stating that the transactions were made to charities and other initiatives.
More often than not, large-scale crypto transactions by prominent leaders in the crypto space tend to catch the attention of investors as these sales could trigger a shift in the market. However, Buterin has also revealed that he has never sold ethereum (eth) tokens for profit since 2018.
The ethereum founder is known for making multiple eth donations to COVID-related charities and causes. Buterin is also known for constantly buying and dumping meme coins, causing the value of these tokens to plummet in several cases.
Featured image from Newsway, chart from Tradingview.com
