Ethereum co-founder Vitalik Buterin recently sold 10 billion MOODENG tokens, which earned him 308.69 ETH, equivalent to approximately $762,000. The token was previously sent to Buterin, and he donated 260 ETH of the proceeds to the charity Kanro, which focuses on advancing biotech solutions, particularly in the fight against pandemics earlier on Monday.
In an X post, Buterin said
"I appreciate all the memecoins that donated portions of their supply directly to charity... Anything that gets sent to me gets donated to charity too."
Known for his support of using memecoins for good, Buterin advocates that these tokens can have a positive global impact through charitable donations. But he also mentions in the Tweet that he would rather prefer these projects to make the donations to the charitable drives directly instead. He also suggested making a DAO that would engage the community who would like to donate their money for a good cause.
Traders apparently took the sale and a token mention on Buterin's X post as a positive sign as MOODENG prices surged right after Buterin's donations, adding to a rally from last week. This brought the seven day gains for the memecion to over 2,700% as per DEXTools data.
Some pointed out that memecoin is currently experiencing its supercycle, an annual season where memecoins are getting the most attention from the community. It is also during this season where there will be a high surge of purchase of memecoin over its competing venture capital-backed tokens, which are often perceived as a losing bet for retail traders.
Many have pointed out the timing of the sale, drawing attention to the real intention of Buterin's sale of the MOONDENG token. Is he really doing it for altruistic reasons, or is he doing it for personal gain?
But it's more than just the money, with Buterin seemingly seeing the memecoin as a positive sum that could ultimately help the planet.
Buterin has previously mentioned that the best thing for memecoin is that they could be used to positively impact the world, and he is glad that this is exactly what is happening right now.
The MOONDENG team, meanwhile, claims that they have set up a wallet to continue similar initiatives. In a post, it said,
"Our community greatly agrees with how you've given real-world value to cryptocurrency and used it to help others. This is something we've also been working on."
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