Vitalik Buterin Converts Memecoin Holdings to Ethereum for Charity, Impacting Token Value

Related: Ben Cowen Predicts Potential 70% ETH Drop as History Suggests Q4 Decline

Moo Deng The Pygmy Hippo Takes Crypto Meme-World By Storm

Moodeng (MOODENG) is a Solana-based memecoin based on the viral internet hype involving a pygmy hippo called… Moo Deng. It’s one of the most volatile memecoins and hasn’t even been out for a full month. It pumped nearly 300% in the last two weeks, then dipped over 35%, and is now down 63% from its all-time high… all in the span of ten days.

Buterin advised memecoin creators to donate tokens directly to charitable causes instead of sending them to him. He even suggested forming decentralised autonomous organisations (DAOs) to coordinate and structure the donation process themselves. 

Buterin’s donation to Kanro aligns with this broader philosophy of leveraging crypto assets for charitable causes, especially if it’s about addressing public health issues. The Ethereum co-founder believes memecoins can make a positive impact when used for good causes, and he encourages creators to engage their communities in charitable initiatives.

Buterin Sells Other Memecoins in Aim to Provide Legal Aid 

This donation comes just days after Buterin sold other memecoins, including Moodeng, Neiro, Degen, Kabosu, and USDT, for 140.67 ETH, valued at $341,000. He recently donated 100 ETH (around US$240k) to the legal defence fund of Tornado Cash developer Roman Storm.

Related: Gary Gensler Says BNY Mellon Crypto Custody Approval Could Go Past BTC, ETH ETFs

Despite the sale, Buterin still holds 40B Moodeng tokens, valued at around US$3.6M (AU$5.33M). His recent actions initially caused the token’s price to drop by over 10% in the day session to roughly US$0.1077 (AU$0.16).