Date: Sat, Oct 05, 2024, 03:07 AM GMT
In the cryptocurrency market today, Ethereum co-founder Vitalik Buterin offloaded significant amounts of several memecoins he had received for free. According to blockchain monitoring service Lookonchain, Vitalik.eth sold off tokens, netting 140.67 ETH (around $340,500) just 4 hours ago.
Here’s a breakdown of the sales:
- Sold 11.76 billion MOODENG ($MOODENG) for 21.03 ETH ($50,900), leaving 50 billion $MOODENG worth around $1.4 million.
- Sold 70.72 million NEIRO ($NEIRO) for 29.9 ETH ($72,400), leaving 70 million $NEIRO valued at $72,300.
- Sold 7.8 million DEGEN ($DEGEN) for 25.11 ETH ($60,800), leaving 7.5 million $DEGEN worth $57,300.
- Sold all 16 billion KABOSU ($KABOSU) for 22.94 ETH ($55,500) and all 101,000 USDT for 41.69 ETH ($101,000).
Bullish or Bearish?
When Vitalik sells memecoins like these, many in the crypto community sit up and take notice. Historically, this type of activity tends to spark speculation. One notable example was with Shiba Inu (SHIB), when Vitalik sold the SHIB tokens he received for free and donated $1B worth of SHIB to charity. Surprisingly, rather than crashing, the price of SHIB skyrocketed, gaining mainstream fame.
So, could the same happen with NEIRO, MOODENG, or DEGEN? It’s hard to say. While Vitalik’s sales can create volatility, memecoin projects often use this strategy to gain attention when he sells. While it remains uncertain if the same outcome will occur for these tokens, such events often stir up optimism in the market. Many believe that Vitalik’s involvement can lend bullishness to the tokens.
As always, the crypto market is unpredictable, and whether Vitalik’s sales are bullish or bearish for these tokens remains to be seen.
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