Vitalik Buterin, co-founder of Ethereum, has once again influenced the crypto world by promoting a meme coin associated with Moo Deng, a viral pygmy hippo from Thailand.
On Monday, Buterin sold a large portion of the Ethereum-based Moo Deng tokens, raising funds for anti-airborne disease technology, causing the coin’s price to soar significantly.
Charity and Token Sales Intertwined
Buterin’s donation stems from Ethereum-based tokens he received in recent weeks, with 62 billion MOODENG tokens—worth approximately $12 million—initially sent to his wallet.
Over time, he has gradually reduced his holdings to around 40 billion. Among his recent transactions, 10 billion MOODENG tokens were transferred to the decentralized exchange CoW Swap.
This philanthropic gesture follows Buterin’s history of leveraging meme coins for charitable causes, with his Kanro entity receiving $181,000 in ETH. Notably, this isn't the first time Buterin has engaged in similar efforts. In 2021, he donated $6.7 billion worth of Shiba Inu tokens, with a significant portion supporting Covid relief efforts in India.
Solana and Ethereum: The Moo Deng Divide
Although Buterin’s support boosted the Moo Deng token on Ethereum, this coin remains distinct from a similarly named token on the Solana blockchain. The Solana-based Moo Deng, originally launched in conjunction with the real Moo Deng’s internet fame, currently boasts a $102 million market capitalization, despite a 50% drop in value over the past week.
Conversely, the Ethereum-based Moo Deng has experienced substantial growth, with a 480% increase in value over the past day. However, its market capitalization, currently at $86 million, still lags behind its Solana counterpart.
Much of the trading activity for the Ethereum token has taken place on Uniswap, where $45 million worth of MOODENG tokens have changed hands.
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Vitalik Buterin says meme coins are more than just speculation
Meme coins are known for their volatility, and their value often depends on internet-driven trends. Some experience massive gains before collapsing, while others succumb to scams or simply fade away.
Despite the inherent risks, Buterin’s recent actions demonstrate his belief in the potential for meme coins to serve a positive purpose.
He has expressed this sentiment before, notably in April when he donated $532,000 worth of ETH to the Effective Altruism Fund’s Animal Welfare Fund. He emphasised that meme coins could have a “positive-sum” impact, going beyond mere speculation.
Buterin’s Legacy with Meme Coins
Throughout his career, Buterin has maintained a complicated relationship with meme coins. Initially, he distanced himself from their speculative nature, as shown in his 2021 decision to burn 90% of his Shiba Inu tokens.
However, over time, his comfort level seems to have shifted towards selling such tokens for charitable causes.
While Buterin has urged developers to donate directly to charity rather than sending tokens to his wallet, he continues to influence the meme coin space, particularly when his actions align with philanthropic causes.
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An Objective Look at Moo Deng’s Future
Although Buterin’s recent actions have significantly raised the profile of the Ethereum-based Moo Deng token, meme coins remain highly unstable, driven by fleeting online attention. Despite the short-term surge, the coin’s long-term viability remains uncertain.
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