Vitalik Buterin Sells 13 Meme Coins for Charity, Causing Significant Price Drops
According to @EmberCN, Vitalik Buterin sold 13 types of meme coins over the past 5 hours, converting them into 346,000 USDC, which he donated to his charity, Kanro. This action led to significant price drops in some tokens due to their low market cap and poor liquidity, with $DINU dropping 68% and $JSHIBA dropping 38%.
SourceAnalysis
In the past 5 hours, as reported by @EmberCN on January 6, 2025, Vitalik Buterin executed a significant sell-off of meme coins, converting them into 346,000 USDC. The tokens sold included 50 trillion $DINU for 13,208 USDC, 504.8 billion $ESTEE for 116,306 USDC, 300 million $FREE for 30,730 USDC, 400 trillion $DOBE for 16,659 USDC, 92,000 $DOGE for 35,233 USDC, 23.76 trillion $PLUTO for 17,262 USDC, 5 million $SWKCoin for 10,479 USDC, 2 trillion $DOJO for 4,492 USDC, 8,047 trillion $JSHIBA for 21,466 USDC, 25 billion $MONKEYS for 10,752 USDC, 698,000 $OMIKAMI for 27,895 USDC, 10 billion $CULT for 24,224 USDC, and 51 trillion $ELONONE for 17,875 USDC. Subsequently, the USDC was donated to Kanro, Vitalik's charity organization.
The sell-off had a pronounced impact on the prices of some tokens, particularly those with smaller market caps and poor liquidity. For instance, $DINU experienced a 68% price drop, while $JSHIBA fell by 38%. This was due to the high volume of tokens sold relative to their liquidity pools, causing a sharp decline in their market value. The trading volume for $DINU surged to 50 trillion tokens in a short period, which is significantly higher than its average daily volume, leading to the drastic price drop (@EmberCN, January 6, 2025).
Technical indicators and trading volumes further illustrate the market's reaction to these sales. The Relative Strength Index (RSI) for $DINU dropped below 30, indicating an oversold condition. The trading volume for $JSHIBA also spiked, reaching 8,047 trillion tokens, which is unusually high compared to its typical trading activity. On-chain metrics show a significant increase in transaction volume for these tokens during the sell-off period, with a noticeable spike in large transactions, which likely contributed to the price volatility (@EmberCN, January 6, 2025).
The sell-off had a pronounced impact on the prices of some tokens, particularly those with smaller market caps and poor liquidity. For instance, $DINU experienced a 68% price drop, while $JSHIBA fell by 38%. This was due to the high volume of tokens sold relative to their liquidity pools, causing a sharp decline in their market value. The trading volume for $DINU surged to 50 trillion tokens in a short period, which is significantly higher than its average daily volume, leading to the drastic price drop (@EmberCN, January 6, 2025).
Technical indicators and trading volumes further illustrate the market's reaction to these sales. The Relative Strength Index (RSI) for $DINU dropped below 30, indicating an oversold condition. The trading volume for $JSHIBA also spiked, reaching 8,047 trillion tokens, which is unusually high compared to its typical trading activity. On-chain metrics show a significant increase in transaction volume for these tokens during the sell-off period, with a noticeable spike in large transactions, which likely contributed to the price volatility (@EmberCN, January 6, 2025).
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