ETH6900: Vitalik's Meme Coin Dump and the Internet's Reactions

Alright, let's get one thing straight. Vitalik Buterin, the golden boy of Ethereum, is back in the headlines for dumping meme coins. Again. Is anyone really surprised?

The Great Meme Coin Purge of '24

So, the on-chain data shows Buterin offloaded a bunch of unsolicited meme coins. We're talking MSTR, POPCAT, ITO, ETH6900 (nice), SATO, and Milo. Cashed out for a cool $633,000 worth of ETH. Claims it's his "longstanding policy" to sell or donate this crap. Okay, fine. But give me a break with the PR spin.

It's like a celebrity who "donates" their old clothes to Goodwill for the tax write-off. Sure, it's technically charitable, but let's not pretend it's some act of pure altruism.

And before anyone starts crying about how he's "saving" the crypto space from these ridiculous tokens, let's not forget Buterin himself acknowledged EBULL and MOODENG for their "charitable donations." Which, offcourse, led to a price spike.

The "Endorsement" Problem

Here's where it gets murky. Crypto Rug Muncher (great name, by the way) pointed out the obvious: Buterin's nod to these meme coins pumps the price. Insiders cash out, leaving the average Joe holding the bag. It's the same old story in crypto, just with a different cast of characters.

The article mentions investors being "worried" about endorsements lending legitimacy to potentially unsafe projects. Worried? They should be terrified. This isn't about worry; it's about blatant manipulation disguised as… what, exactly? Some kind of social experiment?

I mean, what's the endgame here? Is he trying to prove a point about the absurdity of meme coins by subtly endorsing them and then dumping them? Or is it just a convenient way to pad his ETH holdings while pretending to be above the fray?

Then again, maybe I'm the crazy one here. Maybe I'm just jealous I didn't get any free meme coins to dump.

So, What's the Real Motivation?

Look, I get it. Buterin didn't ask for these coins. Devs sent them to him hoping for a boost in visibility. But the optics are terrible. He's basically saying, "Thanks for the free money, suckers!"

The article notes that Buterin previously donated a large SHIB stash to a hospital in India, which caused a backlash. So now he's playing it safe, cashing out quietly instead of making a grand gesture? Is he trying to avoid another PR nightmare? According to a recent report, Vitalik Buterin Offloads More Meme Coins Despite Criticism. Is he trying to avoid another PR nightmare?

The question is, does Buterin really care about the little guy getting rekt by meme coins? Or is he just protecting his own image and ETH stash?

Just Another Crypto Grift?