Vitalik Buterin Sells Off Memecoins, Continues to Speak Out Against Them
Ethereum co-founder Vitalik Buterin has once again made headlines by selling off a large quantity of memecoins, this time unloading 275 trillion CAT tokens for $14,216 on Lifi Diamond. This move is part of a larger pattern of Buterin dumping unsolicited memecoins that have been sent to his wallet, often without his prior knowledge or consent.
According to on-chain data, the CAT tokens were sold through Lifi Diamond, a multi-chain liquidity aggregator, just two days after they were sent to Buterin’s wallet. The sale triggered a decline in the CAT price, which has fallen by 0.81% in the last 24 hours. This is not the first time Buterin has sold off memecoins, and it is unlikely to be the last, given his well-documented disdain for these types of digital assets.
Vitalik Buterin unloads CAT token | Source: Lookonchain
Buterin’s wallet has been a frequent target for token airdrops, with many small projects sending him their coins in an attempt to generate buzz and attract attention. Just this week, he received 1 billion SPURDO and 6.439 billion TWOGE tokens, likely as part of another publicity stunt. Despite his repeated warnings to stop sending him these tokens, they continue to flood his wallet, prompting him to take action and sell them off.
Buterin’s History with Memecoins
Buterin has been vocal about his disinterest in memecoins, calling them “worthless digital assets” and urging projects to stop sending them to his wallet. In early October, he converted a number of different memecoins totaling 96,000 ETH, sparking speculation about his motives and highlighting his continued disinterest in owning these types of assets. While he has not publicly disclosed the reason behind his recent sale, it is likely that he will continue to speak out against memecoins and take action to remove them from his wallet.
The sale of these memecoins comes amid a broader downturn in the crypto market, with over $812 million worth of positions liquidated in the last 24 hours and total open interest down 1.28% to $161 billion. Ethereum’s price has fallen below $4,000 and is struggling to regain momentum, even in the face of a 25 basis point interest rate cut by the US Federal Reserve. Despite these challenges, Buterin remains a prominent figure in the crypto space, and his actions continue to generate interest and attention.
For more information on Vitalik Buterin’s recent memecoin sale and the broader crypto market trends, visit https://crypto.news/vitalik-buterin-offloads-fresh-bag-of-memecoins-for-14k/
