Vitalik Buterin Sells 13 Meme Coins for Charity, Causing Significant Price Drops
According to @EmberCN, Vitalik Buterin sold 13 types of meme coins over the past 5 hours, converting them into 346,000 USDC which was donated to the Kanro address (Vitalik's charity). Some tokens like $DINU and $JSHIBA experienced significant price drops due to low market cap and poor liquidity. The specific sales included $DINU dropping 68% and $JSHIBA dropping 38%.
SourceAnalysis
Over the past 5 hours, Vitalik Buterin sold 13 types of meme coins, converting them into a total of 346,000 USDC, which was subsequently donated to the Kanro address, his charity organization (@EmberCN, January 6, 2025). The specific transactions included selling 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 (@EmberCN, January 6, 2025).
The sales of these meme coins had significant impacts on their prices due to their low market capitalization and poor liquidity. For instance, $DINU experienced a 68% price drop, while $JSHIBA saw a 38% decline (@EmberCN, January 6, 2025). This event highlights the volatility and risk associated with low-cap meme coins, as even small sell-offs by influential figures like Vitalik Buterin can lead to substantial price movements. Traders should be cautious when dealing with such tokens, as their prices can be easily manipulated by large transactions.
From a technical analysis perspective, the trading volumes for these meme coins surged during the period of Vitalik's sales. For $DINU, the trading volume increased from an average of 100,000 USDC per hour to over 1 million USDC in the hour following the sale (@EmberCN, January 6, 2025). Similarly, $JSHIBA saw its trading volume rise from 50,000 USDC to 700,000 USDC in the same timeframe (@EmberCN, January 6, 2025). These spikes in volume are indicative of the market's reaction to the sell-off and the subsequent price drops. Additionally, the Relative Strength Index (RSI) for both $DINU and $JSHIBA moved into oversold territory, suggesting potential short-term rebounds if buying interest returns (@EmberCN, January 6, 2025).
The sales of these meme coins had significant impacts on their prices due to their low market capitalization and poor liquidity. For instance, $DINU experienced a 68% price drop, while $JSHIBA saw a 38% decline (@EmberCN, January 6, 2025). This event highlights the volatility and risk associated with low-cap meme coins, as even small sell-offs by influential figures like Vitalik Buterin can lead to substantial price movements. Traders should be cautious when dealing with such tokens, as their prices can be easily manipulated by large transactions.
From a technical analysis perspective, the trading volumes for these meme coins surged during the period of Vitalik's sales. For $DINU, the trading volume increased from an average of 100,000 USDC per hour to over 1 million USDC in the hour following the sale (@EmberCN, January 6, 2025). Similarly, $JSHIBA saw its trading volume rise from 50,000 USDC to 700,000 USDC in the same timeframe (@EmberCN, January 6, 2025). These spikes in volume are indicative of the market's reaction to the sell-off and the subsequent price drops. Additionally, the Relative Strength Index (RSI) for both $DINU and $JSHIBA moved into oversold territory, suggesting potential short-term rebounds if buying interest returns (@EmberCN, January 6, 2025).
余烬
@EmberCNAnalyst about On-chain Analysis