Ethereum creator sells $1.6 million worth of meme coins

Vitalik Buterin, a co-creator of Ethereum, has turned an additional $1.6 million in meme coins sent to him into Ether, which he had previously stated would be donated to charitable organizations. Additionally, Buterin sold off stakes in Vitalek Buteren (VITALIK), Fwog (FWOG), and Popcat (POPCAT).

Over the past nine days, he has now donated $884,000 to charity and changed $2.78 million worth of meme coins into Ether, according to a report published by Spot On Chain on October 13.

Buterin commended meme coin issuers for sending him coins to donate though he showed some pessimism.   He has often criticized meme coins with celebrity themes that aim to benefit early investors and the celebrity.

An X posted on October 7 that he was giving all 10 billion meme-coin tokens he had been given to a company that develops technology to prevent airborne diseases.
On August 15, Buterin gave all of the animal-themed meme coins he had acquired in the previous 12 months to the Animal Welfare Fund of Effective Altruism Funds.

Spot On Chain data reveals his $700 million crypto portfolio still includes $2.4 million in MOODENG tokens, $144,000in Neiro (NEIRO), $117,000in MSTR, and $80,000 in Degen (DEGEN).

Buterin has long maintained that meme coins can benefit society by providing funds for significant public initiatives or enabling individuals from low-income nations to make a life.

Meanwhile, Vitalik Buterin, a co-founder of Ethereum, recently tackled the complex problem of transaction costs on the network’s levels 1 and 2. He suggests creative strategies to balance expenses and preserve the allure of the cryptocurrency ecosystem in the face of growing congestion.

Buterin stresses the importance of balancing Ethereum’s Layer 1 and Layer 2 cost structures. It is necessary to keep tiers’ fees consistent and non-zero while ensuring the ratio between them varies as little as possible. This strategy seeks to guarantee the best possible user experience while avoiding erratic swings that can upset the environment.