Over the past 5 hours, Vitalik Buterin sold 13 different meme coins for a total of 346,000 USDC, as reported by @EmberCN on January 6, 2025. The tokens were converted into USDC and then donated to Kanro, Buterin's charity organization. The sales included 50 trillion $DINU for 13,208 USDC, 504.8 billion $ESTEE for 116,306 USDC, 3 billion $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, 250 billion $MONKEYS for 10,752 USDC, 698,000 $OMIKAMI for 27,895 USDC, 100 billion $CULT for 24,224 USDC, and 51 trillion $ELONONE for 17,875 USDC.

The sale of these meme coins had a notable impact on their respective markets due to their low market capitalization and poor liquidity. As a result, $DINU experienced a 68% price drop, while $JSHIBA saw a 38% decline, both within the same 5-hour period (@EmberCN, January 6, 2025). The trading volumes for these tokens surged during this period, with $DINU seeing a trading volume of 50 trillion tokens and $JSHIBA trading 8,047 trillion tokens. The market depth for these tokens was insufficient to absorb the large sell orders, leading to significant price volatility.

Technical analysis of the affected tokens shows that $DINU and $JSHIBA were trading far below their moving averages before Buterin's sale. The 50-day moving average for $DINU was at $0.000264 and for $JSHIBA at $0.0000027, indicating they were already in a downtrend. The Relative Strength Index (RSI) for both tokens was overbought at 78 for $DINU and 72 for $JSHIBA before the sale, suggesting a correction was imminent. The trading volume during the sell-off period for $DINU was 10 times its average daily volume, and for $JSHIBA, it was 15 times its average, further exacerbating the price drops (@EmberCN, January 6, 2025).