• Vitalik Buterin converts $1.6 million in memecoins to ETH for charity.
• Economists suggest Buterin for the 2024 Nobel Prize in Economic Sciences.

In a striking turn of events, Ethereum [ETH] co-founder Vitalik Buterin has shifted his attention from recent ETH sales to a commendable act of philanthropy.

He converted some of his memecoins valued at $1.6 million into ETH, reserving the proceeds for various charitable initiatives.

Details of the transfer

As reported by blockchain analytics firm Spot On Chain, Buterin’s latest transaction included the sale of $982,800 in Moo Deng (MOODENG), $231,000 in Monsterra (MSTR), and $183,000 in ETHEREUM IS GOOD (EBULL).

He also sold smaller amounts from other memecoins such as Popcat (POPCAT), Fwog (FWOG), and vitalek buteren (VITALIK).

This shift highlights Buterin’s commitment to using cryptocurrency for positive social impact, reflecting his belief in digital assets’ potential to benefit society.

Thus, as of 13th October, Buterin has transformed $2.78 million in memecoins into Ether, donating $884,000 to various charitable organizations in just the past nine days.

Buterin appreciates memecoin issuers

That being said, Buterin has also expressed his appreciation for memecoin issuers who send him tokens for charitable causes but has encouraged them to consider donating directly instead.

On 7th October, he announced via an X post that he was donating all 10 billion memecoins he had received to an organization focused on anti-airborne disease initiatives. 

He said, 

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

He added, 

“I’ve said before that I think the best thing for memecoins is if they can be maximally positive-sum for the world, so it’s great to see moments when that actually happens!” 

What’s more to it?

Earlier, on 15th August he contributed all his animal-themed memecoins from the previous year to the Effective Altruism Funds’ Animal Welfare Fund.

With approximately $700 million in his crypto portfolio, which includes $2.4 million in MOODENG tokens and smaller amounts in Neiro (NEIRO), Monsterra (MSTR), and Degen (DEGEN), more donations from Buterin seem likely.

He has consistently advocated for the positive societal impact of memecoins, emphasizing their potential to fund essential public projects and provide income opportunities for individuals in lower-income countries.

At the same time, he critiques celebrity-themed tokens that primarily benefit celebrities and early investors.

Impact on ETH and Buterin’s future

Buterin’s recent charitable actions have not only sparked interest in memecoins but has also contributed to a positive shift in Ethereum’s market.

As per CoinMarketCap, the cryptocurrency was trading at $2,554—a 3.60% increase in the last 24 hours.

However, concerns linger as community sentiment appears to lean towards bearishness.

Despite this, the influence of Buterin’s philanthropic efforts has caught the attention of notable economists like Tyler Cowen and Alex Tabarrok, who have proposed him as a potential candidate for the 2024 Nobel Prize in Economic Sciences. 

Cowen said in their podcast, 

“Vitalik built a platform, created a currency, you could say, refuted Mises’ regression theorem in the process, obviously following in the footsteps of Satoshi.” 

They argue that Buterin’s contributions to both crypto and blockchain are unparalleled, placing him in the same league as Satoshi Nakamoto, the anonymous creator of Bitcoin [BTC].