Vitalik Buterin, the founder of Ethereum, has decided to sell some of the memecoin assets that projects donated or airdropped into his wallet. These coins include:

  • 100,000 USDT (sponsored by Cate project)

  • 70.71 million Neiro (donation from address 0x41e...f31)

  • 11.76 billion MOODENG (donation from Mooden On Eth project)

  • 7.8 million DEGEN (airdrop from Degen project)

  • 16.03 billion KABOSU (gift from address 0x41e...f31)

Vitalik sold all of these assets and earned a total of 140.6 ETH, equivalent to about $340,000.

Market reaction:

Vitalik’s massive sale of assets from memecoin projects caused volatility in the market. Some projects were hit hard, with token prices such as Neiro, MOODENG, DEGEN, and KABOSU plummeting shortly after the sale. The memecoin project community quickly became concerned about the future of these coins, and began selling off to preserve their assets.

On the contrary, some other investors see Vitalik's actions as a positive signal as they believe that memecoin is not a long-term trend, and the market needs a correction. These people gradually withdraw from memecoin to invest in projects with more realistic potential in the Ethereum ecosystem.

Community response:

  • Vitalik Supporters: Many in the Ethereum community believe that Vitalik's sale of memecoins is a sensible move. They argue that these assets have no long-term value and only distract attention from meaningful blockchain projects. Selling a large amount of memecoins allows Vitalik to focus on valuable projects and reduce the risk of unstable coins.

  • Project teams and memecoin holders: Memecoin-related projects, such as Cate, Mooden, and Degen, immediately issued statements about giving away tokens to Vitalik. They hoped that giving away tokens to an influential person like Vitalik would help promote their projects, but the result was the opposite effect as the token price plummeted. This action led some projects to seek to reassure the community that Vitalik's sale of memecoins did not affect the sustainability of the project.

Result:

The memecoin market is chaotic in the short term, but in the long term, projects with real value and growth potential will continue to survive. Vitalik's action serves as a "correction" to help investors reassess the place of memecoin in their investment strategy, while emphasizing that not all coins provide real value.