Ethereum co-founder Vitalik Buterin has once again sold off a batch of unsolicited meme tokens sent to his wallet, converting them into stablecoins, as reported by blockchain analytics platform Lookonchain.
The transaction, executed via the decentralized swap protocol LiFi Diamond, involved the sale of over 275 trillion CAT tokens for 14,216 USDC, equivalent to approximately $14,200. This move is part of a longstanding pattern where Buterin disposes of free tokens to avoid being associated with speculative assets.
Buterin's wallet also received other meme tokens this week, including 1 billion SPURDO and 6.439 billion TWOGE, likely sent as publicity stunts by projects seeking attention. However, only the CAT tokens were sold in this instance, leading to a 0.81% price dip for CAT in the last 24 hours, highlighting the market's sensitivity to his actions.
This event has sparked renewed discussions in the crypto community, with many users joking about the sale on social media, while others pointed out Buterin's consistent disinterest in meme coins. His past sales, such as those involving SHIB, AKITA, and ELON in 2021, have previously triggered sharp sell-offs, earning the moniker "the Vitalik effect."
Despite the small scale of this transaction, Buterin's overall crypto holdings remain massive, valued at over $962 million according to Arkham Intelligence, with the majority stemming from his early Ethereum investments. His approach reflects a preference for stability and long-term blockchain innovation over meme coin hype.
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