Cash News
Vitalik Buterinthe co-founder of Ethereum (CRYPTO: ETH), has donated over half a million dollars to a charity that looks after the welfare of animals.
What Happened: In an X post on Thursday, Buterin revealed sending 200 Ether, worth $524,320, to Effective Altruism Fund’s Animal Welfare Fund. This stash was obtained after selling all the “animal coins” that were sent to his wallets over the past year.
Don’t Miss:
His reference was most likely to Ethereum-based memecoins, which are themed on dogs, cats, and even frogs.
Over the years, billions of dollars worth of memecoins have landed in Buterin’s wallet against his wishes, possibly in an attempt by nascent projects to pique investors’ attention by leveraging on his brand value in the cryptocurrency wish.
Charity donation done, covering all animal coins from the past year or so!
That said, I appreciate it if coin holdings just get allocated to the charities directly😊
It’s 2024, we can start doing more sophisticated public goods fun-ding, eg. see https://t.co/8ZVhwkVwLy pic.twitter.com/RQ1ThdLCYL
— vitalik.eth (@VitalikButerin) August 15, 2024
Trending: Here’s the AI-powered startup that turns traders into influencers achieving 12% monthly growth – invest in it at only 10 cents per share.
In 2021, Buterin received nearly $7 billion worth of Shiba Inu (CRYPTO: SHIB), the second-largest memecoin by market cap currently, from its developers. Of this, he donated $1 billion to aid COVID relief in India and burned the rest.
The cryptocurrency entrepreneur has frequently warned projects not to send him unsolicited meme tokens, and he used the platform to convey the message again, albeit in good spirits. “I appreciate it if coin holdings just get allocated to the charities directly,” he wrote.
Trending: This new startup venture is the future of automated convenience stores — read more about why these $10 pre-IPO shares are so valuable before the offer closes in just 10 days.
Why It Matters: Buterin has expressed reservations around memecoins, despite Ethereum birthing many successful, billion-dollar projects in this category.
He has supported the charitable aspect of such coins, where a portion of the supply can be put to use for the needy. However, he criticized copy-and-paste coins that add no fundamental value and simply rely on market speculation.
Earlier in June, Buterin slammed the mushrooming of celebrity memecoins, which he believed were just benefiting powerful people and early adopters.
See Also: Don’t miss out on the next Nvidia – you can invest in the future of AI for only $10.
Price Action: This allocation to charity wasn’t taken positively by Ethereum-based coins, as most traded in red as of this writing, according to data from Benzinga Pro. Dogecoin (CRYPTO: DOGE) dropped 1.64% in the last 24 hours, while Shiba Inu dipped 1.45%. Frog-themed Pepe (CRYPTO: PEPE) plunged 5.23%.
Read Next:
“ACTIVE INVESTORS’ SECRET WEAPON” Supercharge Your Stock Market Game with the #1 “news & everything else” trading tool: Benzinga Pro – Click here to start Your 14-Day Trial Now!
Get the latest stock analysis from Benzinga?
This article Dogecoin, Shiba Inu Fall As Ethereum Co-founder Vitalik Buterin Donates Over $500K Worth Of Memecoins To Animal Charity originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.