Vitalik Buterin just made $340,500 by selling tokens he received for free
The post Vitalik Buterin just made $340,500 by selling tokens he received for free appeared on BitcoinEthereumNews.com.
Vitalik Buterin, Ethereum’s (ETH) creator and leading developer, just made $340,500 by selling ERC-20 tokens he received for free. These sales were mostly meme coin gifts from other traders that surged for impressive gains in the past few days. In summary, Vitalik Buterin traded five tokens for 140.67 ETH on October 5, with Ethereum priced at $2,420. Four of these tokens were meme coins that recently became popular, while the larger trade was of Tether’s USDT. According to Lookonchain’s post, Ethereum’s creator exchanged $101,000 of USDT he got from other addresses for 41.69 ETH. Notably, his largest position is of MOODENG, still holding 50 billion of the meme coin, worth $1.4 million. This is what remains after selling 11.76 billion MOODENG for 21.03 ETH, worth $50,900. Other recent trades include $72,400 worth of NEIRO, $60,800 worth of DEGEN, and $55,500 worth of KABOSU. While Buterin erased the KABOSU position, he still holds 70 million NEIRO and 7.5 million DEGEN, worth $72,300 and $57,300, respectively. Why did Vitalik Buterin receive meme coins for free? Vitalik Buterin and other prominent figures in the cryptocurrency space usually receive some tokens for free. In particular, Buterin has a publicly known address using the Ethereum Name Service (ENS), vitalik.eth, which helps these gifts. There are multiple possible explanations for such an activity, ranging from donations due to his work to a marketing stunt. As for the latter, newly launched projects can send tokens to influential addresses to simulate interest from these popular figures. One of the first meme coins to explore this strategy was Shiba Inu (SHIB), which reportedly sent a large percentage of its total supply to Vitalik Buterin, making the market think Ethereum’s creator supported the project and added it to his personal portfolio. The stunt played out favorably for SHIB, and Buterin…
Filed under: News - @ October 5, 2024 3:23 pm