Ethereum Founder Vitalik Buterin Makes Over $600,000 Profit in Meme Coins

Key Points:

• Ethereum founder Vitalik Buterin sold several meme tokens, earning 257.1 ETH.
• Buterin’s actions have sparked debate in the crypto community, with critics warning that meme coins could pose risks to investors.

According to blockchain data, Ethereum founder Vitalik Buterin recently sold a large chunk of meme coins, which fetched him 257.1 ETH, valued at about $636,000.

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Ethereum Founder Vitalik Buterin Sells Meme Tokens, Earns $636K in ETH

Once more, Vitalik Buterin has stirred activity within the cryptocurrency community amid worries over the dangers that investments in meme coins could mean for retail investors.

According to blockchain tracking platform Lookonchain, he sold a number of meme tokens, including 330,000 MSTR, 14 million POPCAT and 14 billion ITO, but not only. He was actually continuing a tradition of selling or giving away all unsolicited tokens he was sent. The list of the latest transactions included leading meme tokens, among them Milo, SATO, and ETH6900. Buterin has mentioned at least once that he donates funds from such token sales to charity.

This is not a surprise, really, since he has been saying this before. Previously, he had stated that unsolicited tokens would either be sold or donated. The founder of Ethereum further gave a few examples of the tokens that were into charity work. EBULL and MOODENG were some of them.

Buterin Calls for Balanced Ethereum Fee Models

Buterin’s action has revived debates in the crypto space about investments in meme coins. Critics are complaining that, without details of most of the meme coin projects, such projects sometimes expose investors to questionable assets. Some projects may take advantage of charity donations as means of marketing to attract funds while exposing the buyers to unpredictable risks.

On a separate note, Ethereum founder Vitalik Buterin weighed in on the controversy surrounding the fees around the Ethereum Layer-1/ Layer-2 ecosystem, citing the need for far-fair and stable fees to make it worthwhile to use the network.

Buterin himself spoke to the examination of EIP-7762 and rollups for answers as to ways in which better balance may be struck, fee-sharing-wise, between Ethereum’s main network and Layer 2 solutions with minimal disruption for end-users on the network.