Ethereum $3,645.6‘s founder, Vitalik Buterin, recently divested dog-themed meme coins like ESTEE and LDOG. These sales occurred after ESTEE gained 440% in value during the day.
ESTEE Sales and Market Impacts
According to data from blockchain analysis platform Nansen, Vitalik Buterin earned 116,306 USDC by selling 50.54 billion ESTEE meme coins. The sale was made through a known address.
ESTEE is a Shiba Inu-inspired meme coin, while another meme coin called VICKY is also seeing strong trading volume activity. Although there was a temporary decrease in ESTEE’s price after its sale, it quickly recovered and increased its daily earnings to over 200%.
Besides ESTEE, Buterin also sold LDOG and DINU Coins in the last 24 hours. Approximately 5.2 ETH was obtained from the sale of LDOG and 4,181 USDC was obtained from the sale of DINU. These sell-offs sparked debate in the crypto community about the potential effects of changes in Buterin’s portfolio on the market.
General Meme Coin Strategy
Buterin receives coins from various crypto projects as gifts (of necessity because they unintentionally sent them to his wallet). He sells these coins and regularly donates the proceeds. These sales appear to be a routine practice by Buterin.
At some point, Meme coin projects send a portion of their supply to him to advertise. Many projects, including Shiba Coin, sent half (or varying amounts) of their supply to Buterin. As the token value increases, the dollar equivalent of the huge supply also increases and thus they become a hot topic. When the price of Shiba Coin reached a certain level, it was donated by Buterin in recent years to be spent on the victims of natural disasters in India.
These moves by Buterin are being followed carefully in the crypto markets and the community, leading to predictions about his future strategies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
