The post Ethereum creator Vitalik Buterin sells over $2 million worth of tokens appeared on BitcoinEthereumNews.com.

After making over $340,500 by selling tokens he got for free, Vitalik Buterin, Ethereum (ETH) creator, made over $2 million more in the last 24 hours within the same activity. This selling spree again happened by offloading meme coins previously donated to Buterin’s known ENS address vitalik.eth. Recent onchain research by Lookonchain calculates that Vitalik Buterin accumulated 908.77 ETH, worth $2.24 million, from these sales. This is the last posted report on the topic, by the publishing time, but the selling spree continues. As reported, Ethereum’s creator sales include $MOODENG, $MSTR, $EBULL, $POPCAT, $Milo, $FWOG, $TCATI, $Fwog, and $VITALIK, from larger to smaller. MOODENG was again the largest offloaded position at a nominal value of $976,000, down to $14,000 of VITALIK. Notably, this recent selling spree marks vitalik.eth’s second-largest daily token transfer count, totaling 185, on October 12, according to data Finbold retrieved from Etherscan. The previous record was on October 7, registering 344 transfers, mostly made of these meme coin sales. Vitalik.eth’s Address Token (ERC-20) transfers. Source: Etherscan / Finbold Why did Vitalik Buterin receive tokens for free? Notable figures in the cryptocurrency industry, such as Vitalik Buterin, often receive tokens for free. Specifically, Buterin’s publicly known Ethereum address, vitalik.eth—enabled by the Ethereum Name Service (ENS)—facilitates these gifts. There are several reasons for this activity, ranging from donations acknowledging his work to controversial marketing tactics. For instance, new projects might send tokens to influential individuals to imply their endorsement. One early example of this strategy was Shiba Inu (SHIB), a meme coin that reportedly sent a significant portion of its total supply to Buterin. This move led the market to believe that Ethereum’s creator supported the project and held it in his personal portfolio. The tactic succeeded for SHIB, and Buterin later donated billions of dollars from the gains…

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Filed under: News - @ October 13, 2024 6:26 pm