Ethereum (ETH) co-founder Vitalik Buterin has once again shook the cryptocurrency market, this time by offloading large amounts of meme coins he received for free in exchange for Ethereum and stablecoins.
Blockchain data reviewed by Finbold from Etherscan shows that on September 28, Buterin’s wallet, vitalik.eth, sold 150 billion PUPPIES tokens for 28.58 ETH, worth approximately $114,700 at the time of the transaction.
In a separate swap, he also unloaded 1 billion units of an ERC20 memecoin for 13,889 USDC, securing just over $13,800.
Details of Buterin’s transactions
The transactions, which took place within hours of each other, highlight a familiar pattern. Buterin has historically distanced himself from unsolicited memecoin allocations, often referred to as “airdrops,” by liquidating them quickly.
His sales are typically interpreted less as a market call on the tokens themselves and more as a statement that he does not wish to hold speculative assets he never asked for.
The timing comes amid heightened scrutiny of Ethereum markets. ETH currently trades around $4,100, while the broader crypto market has faced a turbulent week, with Bitcoin (BTC) at one point slipping under $110,000.
While the dollar amounts in these sales are modest compared to Ethereum’s nearly $495 billion market capitalization, Buterin’s transactions draw significant attention because of his central role in the crypto ecosystem. Each movement from his wallet sparks debate about meme coin sustainability, Ethereum’s positioning, and broader retail speculation.
As Finbold previously reported, large on-chain moves by high-profile wallets, including XRP whale accumulations and Bitcoin millionaire shakeouts are shaping narratives in volatile markets.
