Vitalik Buterin Converts $1.6M in Meme Coins to Ether, Continues Charitable Donations

Ethereum co-founder Vitalik Buterin has converted an additional $1.6 million worth of meme coins into Ether (ETH), following through on his commitment to donate the proceeds to charitable causes. According to a Spot On Chain report from October 13, Buterin has so far donated $884,000 to charity and swapped a total of $2.78 million in meme coins for Ether over the past nine days. His recent sales include stakes in Vitalek Buteren (VITALIK), Fwog (FWOG), and Popcat (POPCAT).

Buterin acknowledged the meme coin issuers for sending tokens for charitable use but reiterated his concerns about these coins, often criticizing meme coins linked to celebrities that disproportionately benefit early investors.

In an X post from October 7, Buterin announced that he would donate 10 billion meme-coin tokens to a company focused on developing technology to prevent airborne diseases. Earlier, on August 15, he donated all of the animal-themed meme coins he had accumulated over the past year to the Animal Welfare Fund of the Effective Altruism Funds.

Spot On Chain’s data shows that Buterin’s crypto portfolio, valued at $700 million, still holds $2.4 million in MOODENG tokens, $144,000 in Neiro (NEIRO), $117,000 in MSTR, and $80,000 in Degen (DEGEN).

Buterin has consistently emphasized that meme coins can benefit society by supporting important public initiatives or providing financial opportunities for individuals in low-income countries.

In addition, Buterin recently addressed the complex issue of transaction costs on Ethereum’s Layer 1 and Layer 2 networks. He proposed strategies to maintain a balance in fee structures across both layers, aiming to enhance user experience and reduce volatility amid rising network congestion. He emphasized the need to keep fees on both tiers consistent and non-zero, while ensuring minimal variance in their ratio to promote a stable and efficient ecosystem.