Vitalik Buterin has converted meme coins to Ethereum with a new and recent donation to advocacy group Coin Center.
Vitalik Buterin, the Ethereum co-founder, has once again sold off some of his meme coins and donated the money to advance decentralized technology development.
Details on Vitalik Buterin’s Donation and Why
Recently, Buterin exchanged some meme coins he received from unknown developers for 22.89 ETH ETH $1 610 24h volatility: 0.6% Market cap: $194.33 B Vol. 24h: $5.14 B , worth about $76,500. Meme coins are often created as jokes or marketing tricks. Some meme coin creators commonly send tokens to well-known crypto wallets like Buterin’s to gain attention. Instead of keeping these tokens, Buterin regularly converts them into Ethereum.
According to Arkham Intelligence data, Vitalik Buterin donated 320 ETH worth about $1.07 million to Coin Center, a non-profit group that advocates blockchain and decentralized technologies. Buterin’s donation aims to support Coin Center’s work in promoting decentralization.
Likewise, this action shows Vitalik Buterin’s dedication to creating a fair and sustainable blockchain system. As discussions about regulation and decentralization progress, Vitalik Buterin’s contribution emphasizes the importance of working together.
This unity can help the blockchain industry maintain its outlook as a space for creativity, inclusion, and advancement.
Meanwhile, this is not the first time the Ethereum co-founder has made headlines selling unwanted meme coins. He has sold or given away these tokens to support projects that match his vision for the blockchain world.
Recall that Buterin offloaded $1.6 million of meme coins from his holdings last month.
Vitalik Buterin converted these meme coins into ETH and donated them to charity. On October 7, Buterin donated 10 billion meme coins he received to an organization focused on anti-airborne disease technology.
Since the COVID-19 pandemic, Vitalik Buterin has maintained some consistency in donating to charity and high-profile promising projects.
A Strong Defense of Meme Coins
In a world where many crypto enthusiasts and industry experts dismiss meme coins for their perceived lack of utility and origin as jokes or internet memes, Galaxy Digital CEO Mike Novogratz has emerged as a vocal supporter of the asset category. The billionaire founder reiterated his support for this controversial asset category, calling meme coins the “cornerstone” of the crypto economy.
The Galaxy CEO also explained that memes are not a passing trend, as others claim. He argued that there are two key ways to profit from investing in meme coins. First, investors will make the right call and pick a good meme with strong community support. According to him, a successful meme investor needs to have a “quirky, frickin’ sense of humor” and the ability to foresee which memes will resonate with people.
The second way to profit, Novogratz said, is to create a meme coin. He believes meme creators have a unique opportunity to make significant fortunes in the market. Despite the CEO’s enthusiastic support, not everyone in the industry agrees with his views on meme coins.
However, despite varied opinions, some meme coins have recently outperformed cryptocurrencies like Bitcoin BTC $85 103 24h volatility: 0.1% Market cap: $1.69 T Vol. 24h: $10.88 B and Ethereum (ETH).
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