Ethereum co-founder Vitalik Buterin is back in the spotlight after releasing another batch of memecoins.
Summary
- Vitalik Buterin sold 275 trillion CAT tokens for $14,216 on Lifi Diamond.
- The sale follows his pattern of dumping unsolicited memecoins sent to his wallet.
- The Ethereum co-founder also received other tokens such as SPURDO and TWOGE this week.
- The broader crypto market remains bearish, with $812 million liquidated in 24 hours and Ethereum trading below $4,000.
Vitalik Buterin has cleared another stash of unsolicited memecoins and turned them into $14,216 worth of USDC. This move continues a long-standing pattern of Buterin selling random tokens sent to his wallet, often without prior notice or permission.
According to on-chain factsThe sale involved 275 trillion CAT tokens, which Buterin sold through Lifi Diamond, a multi-chain liquidity aggregator. The tokens were reportedly sent to his wallet just two days earlier. Normally, the trade led to a decline in the price of CAT, which is down 0.81% in the past 24 hours.
Meanwhile, the CAT memecoin wasn’t the only asset to land in Buterin’s wallet this week. Blockchain records show he also received 1 billion SPURDO and 6.439 billion TWOGE tokens, likely another publicity stunt by small-scale projects aimed at leveraging Buterin’s reputation to gain attention.
Although Buterin has not publicly disclosed the motive behind the latest sale, such liquidations have previously been followed by charitable donations. Earlier in October, he converted a batch of various memecoins for a total of $96,000 ETH, adding to speculation about his continued disinterest in owning memecoins.
Vitalik Buterin’s memecoin history
Amid the recent dump, Buterin has repeatedly raised concerns about memecoins, labeling them as digital assets with no value and urging projects to stop sending them to his wallet. Despite these warnings, its public wallet remains a frequent target for token airdrops, often used to create artificial hype.
The sale of memecoins in particular comes amid a broader downturn in the crypto market. More than $812 million in positions have been liquidated in the past 24 hours, and total open interest has fallen 1.28% to $161 billion. Ethereum’s price has fallen below the $4,000 mark and is struggling to regain momentum as bearish sentiment continues, even in light of a 25 basis point rate cut from the US Federal Reserve.
While Vitalik Buterin’s latest sale may have little value, it reinforces his ongoing stance against memecoins and the market’s continued attempts to exploit his name for visibility.
