Ethereum co-founder Vitalik Buterin transferred nearly $1 million in USDC to his biotech fund Kanro.
Selling Meme Coins
On January 6, Vitalik Buterin executed a series of swaps to sell meme coins for USDC stablecoins designated for charity donations. The 'vitalik.eth' address sold approximately 28 meme coins, generating $984,000 from the sales.
Impact on the Market
Meme coin developers often send tokens to Buterin’s public wallet as a marketing strategy. However, when Buterin disposes of these tokens to fund philanthropic causes, it often results in significant price declines. For example, DINU dropped 68% after he swapped it for USDC.
Buterin's Charitable Actions
On-chain watchers regularly monitor Buterin’s public address for possible donations. In October, he sold meme coins for $2.24 million in ether. Buterin also donated 10 million Thai Baht (around $290,000) to Khao Kheow Open Zoo.
Buterin continues to use proceeds from meme coins to fund various charitable initiatives through his fund Kanro.
