Ethereum co-founder Vitalik Buterin has once again drawn attention in the crypto community after selling several meme coins he had received for free.
According to blockchain analytics platform Lookonchain, Buterin exchanged tokens including DOJO, SPURDO, and MARVIN for approximately 22.14 ETH, worth around $96,400 at the time of sale.
The tokens were likely airdropped to Buterin by project creators seeking visibility and legitimacy by associating their projects with a high-profile figure. Analysts suggest that Buterin’s sale reflects a preference for converting low-liquidity or speculative holdings into Ethereum, a more established and stable digital asset.
This move is consistent with Buterin’s previous actions. In September, he sold Puppies tokens for 28.58 ETH and another ERC20 token for $13,900.
Historically, Buterin has not retained memecoins in his wallet for long, as seen with his handling of Shiba Inu tokens in 2021, when he donated a significant portion to COVID-19 relief in India and burned the remainder.
Shortly after the latest sales, Buterin reportedly transferred 70 ETH, valued at roughly $304,000, to an undisclosed wallet using the RAILGUN privacy protocol, though any connection between the sales and this transfer has not been confirmed.
Some members of the Ethereum community interpret Buterin’s actions as a signal of caution regarding memecoins, with potential implications for the market value of these tokens.
Nevertheless, market observers note that converting meme coins to Ethereum remains a strategic move for long-term value preservation.
Ethereum is increasingly being recognized as a reliable store-of-value by investors. Influential figures in the finance and tech sectors have incorporated Ethereum into their portfolios alongside Bitcoin and traditional assets like gold.
This trend underscores growing confidence in Ethereum’s potential to serve as a stable investment amid the evolving digital asset ecosystem.