Vitalik Buterin, co-founder of Ethereum, has made headlines once more by divesting his holdings in several cryptocurrency tokens. On Sunday, a wallet linked to Buterin executed sales involving three distinct tokens, which drew the attention of traders and analysts alike.
The transactions included the sale of 1,400 Uniswap (UNI) tokens, 10,000 Kyber Network Crystal (KNC) tokens, and approximately 40 trillion Dogey-Inu (DINU) tokens. Collectively, these movements generated a total of 16,796 USDC. Blockchain monitoring services such as Lookonchain first reported these activities, and their accuracy was confirmed through data from Arkham Intelligence, both of which specialize in tracking prominent cryptocurrency wallets.
In the wake of Buterin”s sell-off, the broader market exhibited a mixed response. The price of Ethereum (ETH) remained stable, hovering around $3,123. However, the tokens involved in the transactions experienced varying degrees of decline. Specifically, UNI fell by approximately 1.4% within 24 hours, trading at around $5.38. Similarly, KNC declined by roughly 1.1%, priced at about $0.2458. DINU, on the other hand, faced the most significant downturn, plummeting over 40% during the same timeframe.
While these sales may seem minor in magnitude, they underscore a recurring trend within the market. Transactions associated with Buterin”s wallets often sway short-term sentiment, particularly for lesser-known or illiquid tokens such as DINU. Some projects even leverage the act of transferring tokens to Buterin”s wallet as a promotional strategy, inadvertently amplifying the effects of his limited selling pressure.
This latest move continues a pattern established by Buterin, who typically opts to sell or donate meme tokens sent to him by various projects, which are sometimes intended as symbolic “burns.” His wallet activity remains a focal point for market participants, with traders keenly observing any changes.
This is not the first instance of Buterin converting meme tokens into charitable donations. Earlier this year, in January, he liquidated over $1 million worth of at least 28 meme tokens, including DINU, directing the proceeds to Kanro, a charity he founded aimed at supporting pandemic prevention efforts. That particular sale resulted in a dramatic decline of more than 50% in DINU”s price. Buterin has a history of similar actions, having sold another $1 million in meme tokens last year, distributing the funds across various charities. In December, he donated 88 ETH to the Khao Kheow Open Zoo in Thailand, coinciding with a surge in the MOODENG token.
Despite the small scale of these recent sales, it is noteworthy that they represent just a fraction of Buterin”s overall wealth, which is estimated to exceed $765 million on-chain. Nevertheless, market participants remain vigilant, closely monitoring his wallet for any signs of activity.
