Vitalik Buterin Sells More Meme Coins, Raising Concerns Among the Cryptocurrency Community

Vitalik Buterin, the Ethereum co-founder, has sold several meme coins and earned 257.1 ETH, which is approximately $636,000, as per the blockchain data.

Blockchain data has shown that several meme coins were sold by Buterin, who received them for free. The sales were made for 330,000 MSTR for 114.1 ETH ($282,000), 14 million POPCAT for 74.99 ETH ($186,000), and 14 billion ITO for 36.55 ETH ($90,000).

Other sales were 1.05 million ETH6900 for 15.37 ETH ($38,000), 50.53 billion SATO for 11.34 ETH ($28,000), and 10 billion Milo for 4.77 ETH ($12,000).

These actions by Buterin are consistent with his earlier statements that any tokens he receives without asking will either be sold or donated. His transactions align with this policy, although they have sparked discussions about whether such actions encourage projects that are not as noble.

Recently, the Ethereum co-founder took to Twitter to appreciate two meme coin projects, EBULL and MOODENG, for allocating a percentage of their tokens to charity. He also confirmed that the tokens sent to his address will be donated to charity. Buterin highlighted that, for example, the MOODENG token was channeling its funds towards anti-airborne disease technology.

However, among the cryptocurrency community, some critics voiced concerns about the message being conveyed by Buterin's actions. They argued that recognizing meme tokens, which often lack transparency, could promote risky assets. Some investors are concerned that projects may be using charity as a marketing tactic to secure funds, potentially exposing buyers to unknown liabilities.

Meanwhile, Vitalik Buterin also shared his thoughts on the ongoing community discussions about layer 1 and layer 2 fee models for Ethereum. He maintained that the fee models should be reasonable and standard to avoid disruptions that will affect all users in the ecosystem. Buterin suggested that Ethereum should consider EIP-7762 and base rollups as starting points for balancing the fee sharing between the main network and Layer 2 solutions.

Another popular personality in the cryptocurrency space, Crypto Rug Muncher, shared concerns about Buterin's actions, using the EBULL token as an example. According to Rug Muncher, the token's price surged following the acknowledgment from Vitalik Buterin, which attracted new investors.

However, he warned that such exposure benefits insiders who can sell their holdings at the inflated valuations, leaving the small investor struggling to make a profit.

Rug Muncher highlighted that while charitable efforts are appreciated, they should not come at the cost of investor safety. He noted that some projects may use claims of charity to gain credibility without fully disclosing operational risks. These concerns underscore the importance of thorough project vetting before endorsements by prominent figures.

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