Ethereum 
$2,399 co-founder Vitalik Buterin once again captured attention by selling another unsolicited memecoin deposited into his wallet. Recently, he converted 275 trillion CAT coins into approximately $14,216 worth of USDC through the Lifi Diamond platform. The sale took place just two days after the coins appeared in his wallet, causing CAT’s value to dip by 0.81% post-sale.
Buterin’s Ongoing Memecoin Sales
Buterin’s recent action is a continuation of his pattern of selling unsolicited memecoins. As noted in blockchain data, Ethereum’s developer typically sells off memecoins sent to his wallet without notification or consent, usually via multi-blockchain liquidity aggregators like Lifi Diamond. This trend underscores his lack of interest in such assets.
Recently, Buterin’s wallet also received 1 billion SPURDO and 6.43 billion TWOGE coins without permission. Experts suggest these transfers are merely promotional attempts by small-scale projects leveraging Buterin’s fame for visibility. Buterin has previously criticized memecoins as worthless and urged projects to refrain from sending him these coins.
In October, Buterin similarly liquidated memecoins, converting $96,000 worth of them into ETH. Although he frequently donates such sales to charities, the purpose of his latest transaction remains undisclosed. However, past behaviors indicate his disinterest in memecoins and how his name continues to be exploited for market manipulations.
Current State of Ethereum
Concurrently, Ethereum’s price dipped below the $4,000 threshold amid a backdrop of market weakness coinciding with Buterin’s recent move. Over the past 24 hours, positions exceeding $812 million have been liquidated, which saw the market’s total open position value decline by 1.28% to $161 billion. Even the Federal Reserve’s 25 basis point rate cuts failed to bolster investor confidence.
