Vitalik Buterin Sells Trillions of Meme Tokens in a Major Move

Maxwell Mutuma
December 21, 2023
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Ethereum co-founder Vitalik Buterin has executed substantial sales of meme coins, specifically Doberman (DOBE) and DOJO. Blockchain security firm PeckShieldAlert tracked these transactions, revealing the extensive scale of this liquidation.

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Large-Scale Token Swapping Observed

The transactions involved a staggering number of tokens, with 100,000,000,000,111.11 DOBE and 1,858,140,000,000 DOJO tokens being swapped. The move by Buterin’s linked address to liquidate these holdings has caught the attention of market watchers and investors alike. The significance of this activity lies in the volume of tokens involved and the impact it could have on the meme coin market.

Buterin’s wallet, known for accumulating many memecoins, often received these tokens from memecoin developers seeking legitimacy. This strategy by memecoin creators led to Buterin’s wallet amassing millions in value of these digital assets, with no restrictions on their potential liquidation.

In this recent action, the address linked to Buterin converted 100,000,000,000,111.11 DOBE into approximately 10.44 ETH, equating to about $36,228.60 at the transaction’s time. Similarly, the DOJO tokens were exchanged for 3.1258 ETH. These transactions were executed using the Uniswap V2 platform, with Wrapped Ethereum (WETH) as the liquidity medium.

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Vitalik Buterin’s Cryptocurrency Movements

This recent activity is part of a broader pattern of significant transfers and sales from wallets associated with Vitalik Buterin. In September, a movement of 2,000 ETH, valued at around $3.1 million, was recorded from Buterin’s address to an account known for deposits to the Bitstamp exchange. This transfer and other high-profile transactions have fueled speculation about Buterin’s intentions and strategies regarding his cryptocurrency holdings.

However, it’s important to note that not all transfers from Buterin-linked addresses signify liquidation. These movements are sometimes part of broader initiatives, including funding research projects or collaborating with partner entities. This was highlighted in November of the previous year when Buterin refuted claims of selling 3,000 ETH, indicating that not all transactions should be immediately categorized as liquidation efforts.

The cryptocurrency community often scrutinizes Buterin’s transactions due to his influential status within the industry. As a key figure in the development of Ethereum, his actions, particularly regarding token holdings and transfers, are closely observed for potential market impact.

Buterin’s liquidation of DOBE and DOJO tokens could have various implications for the meme coin market. These digital assets, often characterized by their viral nature and community-driven value, can be significantly affected by large-scale transactions from prominent figures like Buterin.

Read Also: Sam Altman’s Worldcoin Halts Orb Verification Service In India, France, & Brazil

 

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.