Ethereum co-founder Vitalik Buterin has once again drawn attention by selling another memecoin that was deposited into his wallet without his solicitation. Recently, he converted 275 trillion CAT coins into approximately $14,216 worth of USDC through the Lifi Diamond platform. This sale occurred just two days after the coins appeared in his wallet, and consequently, CAT’s value experienced a dip of 0.81% following the transaction.
Buterin's Pattern of Selling Unsolicited Memecoins
Buterin’s recent action aligns with his ongoing practice of selling memecoins that are sent to his wallet without his prior knowledge or consent. Blockchain data indicates that Ethereum's developer typically liquidates these unsolicited memecoins, often utilizing multi-blockchain liquidity aggregators like Lifi Diamond. This consistent behavior highlights his evident lack of interest in such speculative assets.
In recent times, Buterin’s wallet also received 1 billion SPURDO and 6.43 billion TWOGE coins without his permission. Industry experts suggest that these unsolicited transfers are primarily promotional tactics employed by smaller projects aiming to leverage Buterin’s prominence for increased visibility. Buterin himself has previously voiced his criticism of memecoins, describing them as worthless and urging projects to cease sending him these types of tokens.
This is not the first instance of Buterin liquidating memecoins. In October, he similarly converted memecoins worth $96,000 into ETH. While he often directs the proceeds from such sales to charitable causes, the specific purpose of his latest transaction remains undisclosed. However, his past actions strongly suggest his disinterest in memecoins and indicate that his name continues to be exploited for market manipulation schemes.
Current Market Context for Ethereum
In parallel with these developments, Ethereum’s price has fallen below the $4,000 mark. This decline occurs amidst a general market weakness that coincides with Buterin’s recent memecoin sale. Over the preceding 24 hours, positions valued at over $812 million have been liquidated, leading to a 1.28% decrease in the market’s total open position value, which now stands at $161 billion. Even the Federal Reserve’s decision to implement 25 basis point rate cuts has failed to significantly boost investor confidence in the current market climate.