Crypto for a cause: Vitalik Buterin shares memecoin wealth with charity

On Monday, crypto legend Vitalik Buterin made headlines by selling a whopping 10 billion Moo Deng tokens for 308.68 ETH via Cow Swap. What’s more, records have revealed that he executed this smoothly and intentionally, in the form of six seamless transactions within just 19 minutes. 

Later on, the rationale behind the bold move was revealed to curious onlookers. Apparently, the prominent Ethereum co-founder donated a generous share of this amount to Kanro, his biotech fund that was set up last year.

More specifically, Buterin donated 260.16 ETH, or $642,000, to the charity. He shared on X that the donated funds will be used for advancements on “anti-airborne-disease technology.”

Vitalik Buterin (@Vitalikbuterin) sold another 10B #MOODENG ($822K) for 308.68 $ETH an hour ago!

And this time, he sent 260.16 $ETH ($642K) to the charity #Kanro.

Currently, Vitalik Buterin still holds 40B #MOODENG ($7.56M), ~9.51% of the total supply.

Follow @spotonchain for… https://t.co/xMMaeOZacb pic.twitter.com/DocmSXo1VW

— Spot On Chain (@spotonchain) October 7, 2024

 

Even after releasing a jaw-dropping 10 billion Moo Deng tokens, Buterin's crypto wallet is far from empty. He still has a stash of 40 billion of the tokens, accounting for around 9.51% of its total supply. 

Before making the move, Buterin already offloaded some of his holdings. On October 5, he specifically sold Moo Deng, Degen, Neiro, USDT, and Kabosu for a total of 140.67 ETH. 

Generous soul

Buterin also engaged in charity work after this liquidation, shortly before making the Kanro donation. He shelled out 100 ETH—equivalent to around $240,000—on October 5 for the legal defense fund of Roman Storm, a Tornado Cash developer. Showcasing his continuous support, this marked Buterin's third donation to the campaign. 

Storm took to X to express his gratitude to the generous soul, vividly thanking Buterin for “long lasting support.”

I cant describe how much it means to me. Thank you for your long lasting support ❤️🙏💪 https://t.co/DjqkO5u6WR

— Roman S (@rstormsf) October 5, 2024

Buterin's extensive list of charitable acts reflects his unique stance on memecoins. He clearly believes that they can be strategic instruments for spreading awareness of good causes.

In a recent post on X, the distinguished figure verbally applauded “memecoins that donate portions of their supply directly to charity”. With humanitarian efforts in mind, he also encouraged other creators to give donations directly. 

Buterin further shared his thoughts, echoing that he thinks “the best thing for memecoins is if they can be maximally positive-sum for the world” and stressing how these projects could be used for good causes. 

I appreciate all the memecoins that donate portions of their supply directly to charity.

(eg. I saw ebull sent a bunch to various groups last month)

Anything that gets sent to me gets donated to charity too (thanks moodeng! The 10B from today is going to anti-airborne-disease…

— vitalik.eth (@VitalikButerin) October 7, 2024

To attract attention in the crypto space, various memecoin teams frequently send Buterin a notable fraction of their token supply. However, rather than using the memecoin gifts to fund his lifestyle, the tech genius usually liquidates these holdings and donates the funds. 

That said, the he has a running history of impressive charitable donations. One of his remarkable feats was in 2021, when he received around 50% of the SHIB supply. In a move that shook the market and community, Buterin decided to burn 90% of the tokens and donate the remaining 10% to charity. 

His most recent donation has placed the memecoin Moo Deng under spotlight. This token was inspired by Moo Deng, a Thai baby hippo. Thanks to the token's international appeal, it became the first Thai memecoin to exceed a market capitalization of $100 million. 

During the initial issuance in September, the team behind Moo Deng sent some tokens to Buterin. 

Memecoins for good

The crypto community has embraced the news of Buterin's charitable acts positively. Several individuals see it as a great example of how cryptocurrencies may fuel positive impacts, explicitly stressing the capacity of memecoins to shape the future for the better. It serves as a clear testament to how digital currencies carry the transformative power to leave a meaningful and lasting impact.

The Moo Deng team has also responded to Buterin's moves, expressing alignment with the real-world value he has brought to the table. They also conveyed their gratitude for Buterin's contributions, acknowledging his positive influence. 

Aligning with Buterin's encouragement to assist others, the Moo Deng team has also stepped up by working on a “multi-signature wallet and a foundation to carry out various initiatives.”

Dear @VitalikButerin , our community greatly agrees with how you've given real-world value to cryptocurrency and used it to help others. This is something we've also been working on. In fact, we are a CTO-led project (our community took over after the original developer left). We… https://t.co/KgkTMELcFv

— Moodeng On Eth (@moodengctoeth) October 7, 2024

As other prominent memecoin projects join partnerships for charity, more donations and humanitarian events will soon fill the crypto space.