Key Points
- Vitalik Buterin donated 320 ETH tokens worth $1.07 million to Coin Center.
- Despite the donation, Ethereum’s market remains bullish with a 1.09% surge over the past 24 hours.
Vitalik Buterin, the founder of Ethereum (ETH), has recently engaged in the sale of memecoins.
He sold four different memecoins for a total of 24.5 ETH tokens, valued at $81.8K.
Memecoin Sales and Donation
The memecoins sold included 330 billion $LEDOG for 10.96 ETH, 3.03 trillion $DOGC for 10.8 ETH, 19.95 million $99 for 1.58 ETH, and 300 million $VITALIK for 1.14 ETH.
Following these sales, Buterin made a significant donation to Coin Center, giving 320 ETH tokens worth $1.07 million.
Impact on Ethereum
Such a donation could potentially influence the price of ETH.
If the donation is liquidated for operational funding, it could introduce selling pressure in the market, depending on its relative size to trading volume.
Alternatively, a donation from a high-profile figure like Buterin could bring attention to Ethereum, potentially causing a temporary surge in interest and trading activity.
So far, the donation has not negatively affected the price of ETH.
Ethereum has remained in a bullish phase, indicating that any potential selling pressure from the donation has been absorbed by the market.
The market’s bullish sentiment has been observed through the behavior of large holders.
Data suggests that there has been more inflow into ETH than outflow, implying accumulation in anticipation of a price surge.
Furthermore, Ethereum’s Open Interest (OI) has increased over the past week, hitting a record high, which suggests that investors are opening new positions while holding existing ones.
Ethereum’s Future
Despite Buterin’s donation, Ethereum’s market remains bullish.
At the time of writing, Ethereum was trading at $3416, marking a 1.09% increase over the past day.
The altcoin has also gained on weekly and monthly charts, hiking by 8.88% to 35.97% respectively.
This sustained uptrend positions the altcoin for further gains. If the bullish sentiment continues and the bulls regain control, ETH could potentially reach $3560, a level at which it has previously faced multiple rejections.
