Ethereum’s Buterin dumps 10b MOODENG tokens, donates $640k to his charity fund

Vitalik Buterin’s recent actions highlight his commitment to leveraging cryptocurrency for positive social impact. By selling 10 billion MOODENG tokens, he not only demonstrated a proactive approach to managing his crypto portfolio but also emphasized the potential of memecoins to contribute to charitable causes.

The sale of these tokens yielded approximately 308.69 ETH, valued at around $762,000. Buterin’s decision to donate 260.16 ETH—about $642,000—directly to his biotech charity fund, Kanro, underscores his belief in the importance of philanthropy within the crypto space.

Buterin’s advocacy for using memecoins in charitable contexts may inspire other holders and creators to consider how their projects can support meaningful initiatives. This move reflects a broader trend where influential figures in the crypto community are actively seeking to utilize their wealth for societal good, blending financial success with philanthropy.

Following the sale, Vitalik Buterin took to X to share his thoughts on the role of memecoins in charitable initiatives. He expressed strong support for memecoins that focus on positive contributions, highlighting that any tokens sent his way—like the MOODENG tokens—are directed toward charitable causes.

In his message, Buterin noted that the proceeds from the MOODENG sale would be allocated to advancing anti-airborne disease technology through his biotech fund, Kanro. This approach not only reflects his commitment to philanthropy but also underscores the potential for cryptocurrency to make a meaningful impact in addressing global health challenges. By championing this cause, Buterin encourages the broader crypto community to think about how they can harness their assets for social good.

“I’ve said before that I think the best thing for memecoins is if they can be maximally positive-sum for the world, so it’s great to see moments when that actually happens!”

Vitalik Buterin

MOODENG tanks 20% following Buterin’s sale

Despite Vitalik Buterin’s efforts to clarify his intentions regarding the MOODENG token sale, the market reacted negatively, leading to a significant 20% drop in the token’s price, bringing it down to $0.10. This decline reflects the sensitivity of crypto holders to large sales, especially from prominent figures like Buterin.

Co-founded by Buterin, Kanro focuses on directing resources toward pandemic solutions, particularly in low-income countries, with a strong emphasis on open-source and intellectual property-free projects. Notably, in November 2023, Kanro made headlines by donating $15 million to the PolyBio Research Foundation to advance research and clinical trials related to SARS-CoV-2.

MOODENG, which was launched on Solana through the platform Pump.fun, is a memecoin inspired by Moo Deng, a baby pygmy hippopotamus from Thailand. The token has quickly gained popularity, attracting over 18,000 holders and achieving a market capitalization exceeding $100 million, along with an impressive $145 million in trading volume within a 24-hour period. This swift rise highlights the volatile nature of memecoins and the community’s strong engagement with this particular project.