Vitalik Buterin, a prominent figure in the crypto space, has converted $1.6 million worth of Memecoins into ETH, with the proceeds earmarked for many charitable causes.

According to the blockchain analytics firm Spot On Chain, Vitalik has sold $982,800 worth of Moo Deng (MOODENG), $183,000 in ETHEREUM IS GOOD (EBULL), and $231,000 in Monsterra (MSTR). He is also known to have offloaded smaller amounts of Fwog (FWOG), Popcat (POPCAT), and vitalik buteren (VITALIK).

Memecoins are cryptocurrencies that spring from social media or viral trends. For example, Moo Deng (MOODENG) is inspired by the adorable baby pygmy hippopotamus winning hearts throughout Thailand.

Buterin is estimated to have sold $2.78 million in Memecoins, of which $884,000 has already been donated to many charities. While Vitalik has consistently thanked memecoin issuers for the coins they send him, he encourages them to donate directly to charitable causes instead.

In a tweet on October 7, the Ethereum co-founder shared his intention to donate around 10 billion Memecoins tokens.

“Anything that gets sent to me gets donated to charity too (thanks moodeng! The 10B from today is going to anti-airborne-disease tech), though I truly prefer if you guys send to charity directly, maybe even make a DAO and get your community directly engaged in the decisions and process”.

• We suggest reading: Cryptocurrencies and philanthropy: How cryptos have influenced charitable endeavors.

Last August, Vitalik sold a significant amount of animal-themed Memecoins, donating over $500,000 to charity projects. At that time, reports revealed that the Russian programmer had sold the equivalent of 40 ETH in Neirodog tokens.

“Thanks for your support and inspiration V. Proud to have completed our 4th charitable donation in less than a month since the community took over the token”.

–From the official Neiro community page on X.

“Vitalik created a platform and launched a coin, you could say, while also refuting Mises’ regression theorem in the process, clearly following in Satoshi’s footsteps”.

–Tyler Cowen, economist.

The Mises regression theorem, formulated by Ludwig von Mises, explains how currencies obtain their value. According to this theory, currency has value today because it was once considered valuable for other reasons.

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