Vitalik Buterin, co-founder of Ethereum 
$3,122, generated approximately $636,000 by selling various memecoins sent to him, according to blockchain data. This move has sparked discussions among the community regarding the potential risks associated with meme coin donations.
Details of Memecoin Sales
Buterin liquidated memecoins that were primarily sent to his wallet for free. The sales included 114.1 ETH in exchange for 330,000 MSTR, 74.99 ETH for 14 million POPCAT, and 36.55 ETH for 14 billion ITO.
These transactions have raised concerns about the potential issues surrounding “gift token” donations. Buterin has repeatedly stated that he would either sell or donate any tokens he does not want.
Criticism of Charitable Memecoins
In the crypto world, some experts argue that such tokens are used as marketing tools by their creators. Buterin’s decision to sell the tokens has raised questions about the impact of these promotional coins on investors.
Crypto analyst Rug Muncher noted that such sales could negatively affect the market. “These moves allow insiders to exit at high prices, potentially limiting profit opportunities for small investors,” he stated.
Buterin also shared some of his thoughts on fee models for Ethereum’s layer 1 and layer 2 solutions, emphasizing the need for more standardized and reasonable fee systems to protect users from unpredictable transaction costs.
Memecoin Projects and Investor Safety
Additionally, some critics argue that charitable memecoin projects lack sufficient transparency, exposing investors to fraud risks. Highlighting philanthropic donations for marketing purposes could exacerbate trust issues. Therefore, more thorough examinations before supporting such projects are recommended.
Experts advise investors to conduct comprehensive research before investing in any crypto asset. Whether projects are conducted transparently is considered one of the crucial criteria for safe investing.
Vitalik Buterin commented on the situation: “I either sell or donate unwanted tokens.”
Finally, Rug Muncher’s warning is noteworthy: “While charitable efforts are valuable, investor safety must always come first.”
Buterin’s memecoin sales reignited skepticism and discussions about this asset type. Experts stress the need for investors to be more cautious.
