$MOODENG, once the biggest winner of Vitalik Buterin’s recent memecoin airdrop, is now grappling with a steep decline in value, following a wave of sales from the Ethereum co-founder. On October 7, Buterin expressed gratitude in a tweet for receiving donations of various memecoins. Specifically, he mentioned Hippo, an Ethereum-based […]

$MOODENG Faces Decline After Vitalik Buterins Airdrop And Sell-Off

$MOODENG, once the biggest winner of Vitalik Buterins recent memecoin airdrop, is now grappling with a steep decline in value, following a wave of sales from the Ethereum co-founder.

On October 7, Buterin expressed gratitude in a tweet for receiving donations of various memecoins. Specifically, he mentioned Hippo, an Ethereum-based token, which saw its price skyrocket by 101% following his tweet, drawing attention to the coin. However, the hype was short-lived.

Over the past eight days, Buterin has sold off a significant portion of his $MOODENG holdings, causing the price to plummet. The token has dropped 72% from its peak of $0.0002714 to its current value of $0.00007614, leaving many investors concerned about its future stability.

Buterin Sold Off 31.7 Billion $MOODENG But Still Holds Notable Amount 

The situation began on September 15 when the tokens deployer sent Buterin 61.7 billion $MOODENG, representing 14.68% of the total supply. Between October 5 and October 13, Buterin offloaded 31.7 billion tokens, amassing 731 ETH in the process. Despite these sales, he still holds 30 billion tokens, worth approximately $2.4 million.

Given Buterins track record of donating proceeds from memecoin sales to charity, theres speculation that he may continue selling off the remaining $MOODENG tokens. If he does, it could further strain the already volatile market.

With Hippos current market cap sitting at $31.4 million and liquidity of just $1.1 million, continued sell-offs from Buterin would likely have a profound impact on the tokens price, raising concerns among investors about the long-term prospects of $MOODENG.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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