Ethereum Founder Dumps Billions In These Meme Coins, Is This A Repeat Of Shiba Inu In 2021?

Ethereum founder Vitalik Buterin just lately offloaded billions in meme cash. This has introduced again recollections of how Buterin dealt with the Shiba Inu tokens that SHIB’s founder Ryoshi despatched to him again in 2021. 

Ethereum Founder Offloads Billions Of Meme Cash

On-chain analytics platform Onchain Lens revealed in an X publish that the Ethereum founder had bought 150 billion PUPPIES for 28.58 ETH ($114,480) and 1 billion ERC20 for $13,889 USDC. These are tokens that Vitalik acquired at no cost, as meme coin groups and the neighborhood are recognized for sending cash to the Ethereum founder. 

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This follow dates to way back to 2021, when the Shiba Inu founder Ryoshi despatched 500 trillion SHIB tokens, which represented half of the meme coin’s complete provide. The Ethereum founder famously burned 450 trillion cash by sending them to a lifeless pockets, whereas he donated the remaining 50 trillion cash to assist combat the COVID-19 pandemic on the time. 

Since then, Vitalik has adopted the same strategy for each meme coin he receives. The Ethereum founder often sells these cash after which donates the proceeds to charity. He had talked about final yr that he would really desire if these cash have been despatched on to charity. Vitalik additional suggested neighborhood members to contemplate establishing a DAO and getting neighborhood members straight concerned in decision-making. 

The Ethereum founder added that the perfect factor for meme cash is that if they are often maximally positive-sum for the world, and that will probably be nice to see moments when that really occurs. Nonetheless, these transfers to Vitalik are sometimes seen as a way for these meme cash to extend their visibility. 

Vitalik’s transfer with the SHIB tokens undoubtedly contributed to placing Shiba Inu within the highlight. He burned these tokens simply because the meme coin went on its legendary run in 2021, reaching its present all-time excessive (ATH) of $0.00008845 within the course of. 

A Peek Into Vitalik’s Public Pockets

Arkham information exhibits that the Ethereum founder nonetheless has extra meme cash in his pubic pockets, which he acquired from neighborhood members. His largest meme coin holding is at the moment Moodeng, which he holds 30 billion cash value $518,000. In the meantime, his largest crypto holding in worth stays ETH. Vitalik holds 240,000 ETH value simply over $1 billion. 

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The Ethereum founder regained his on-chain billionaire standing following ETH’s break above $4,000 final month. ETH ultimately reached a brand new ATH within the course of, which precipitated Vitalik’s wealth to surge briefly. Nonetheless, the most important altcoin is at the moment struggling to carry above the psychological $4,000 degree amid the current crypto market downtrend. 

On the time of writing, the Ethereum value is buying and selling at round $4,200, up over 2% within the final 24 hours, in line with information from CoinMarketCap.

Featured picture from Medium, chart from Tradingview.com