In a surprising development, the co-founder of Ethereum, Vitalik Buterin, has shifted his focus from Ethereum sales to a commendable act of philanthropy.
He has converted memecoins valued at $1.6 million into ETH, earmarking the proceeds for various charitable endeavors.
Transfer Breakdown
According to reports from blockchain analytics firm Spot On Chain, Buterin’s recent transaction involved selling $982,800 worth of Moo Deng (MOODENG), $231,000 of Monsterra (MSTR), and $183,000 of ETHEREUM IS GOOD (EBULL).
He also disposed of smaller amounts from other memecoins like Popcat (POPCAT), Fwog (FWOG), and vitalek buteren (VITALIK).
This transition underscores Buterin’s dedication to leveraging cryptocurrency for positive social change, underscoring his faith in the potential of digital assets to serve society.
As of October 13th, Buterin has converted $2.78 million in memecoins into Ether, with $884,000 already donated to charitable organizations within the last nine days.
Buterin Acknowledges Memecoin Issuers
While appreciative of memecoin issuers who send him tokens for charitable causes, Buterin has urged them to consider direct donations instead.
On October 7th, he announced through an X post that he was contributing all 10 billion memecoins he had received to an organization focused on anti-airborne disease initiatives.
He stated,
“I value the memecoins that allocate parts of their supply directly to charity.”
He further remarked,
“I’ve previously mentioned that I believe memecoins can be most beneficial for the world if they are maximally positive-sum, so witnessing these moments is truly gratifying!”
Exploring Further Initiatives
Previously, on August 15th, he donated all his animal-themed memecoins from the previous year to the Effective Altruism Funds’ Animal Welfare Fund.
With around $700 million in his crypto holdings, which include $2.4 million in MOODENG tokens and varying amounts in Neiro (NEIRO), Monsterra (MSTR), and Degen (DEGEN), additional contributions from Buterin are anticipated.
He consistently advocates for the positive societal impact of memecoins, highlighting their potential to support crucial public projects and offer income opportunities to individuals in economically disadvantaged regions.
Simultaneously, he criticizes celebrity-themed tokens that predominantly benefit celebrities and early investors.
Impact on ETH and Buterin’s Future Trajectory
Buterin’s recent acts of generosity have not only stirred interest in memecoins but have also positively influenced Ethereum’s market.
According to CoinMarketCap, the cryptocurrency was valued at $2,554—a 3.60% increase in the past 24 hours.
Nonetheless, there are lingering concerns as community sentiments seem to lean towards pessimism.
Despite this, Buterin’s philanthropic undertakings have captured the attention of prominent economists such as Tyler Cowen and Alex Tabarrok, who have suggested him as a potential 2024 Nobel Prize in Economic Sciences nominee.
In their podcast, Cowen remarked,
“Vitalik established a platform, introduced a currency, one could argue he refuted Mises’ regression theorem in the process, evidently following the path laid by Satoshi.”
They argue that Buterin’s contributions to both crypto and blockchain are unparalleled, positioning him in the same echelon as Satoshi Nakamoto, the enigmatic creator of Bitcoin [BTC].