August proved to be a difficult month for Ethereum. The lackluster performance of the ETH ETFs and reports of Vitalik Buterin selling his holdings negatively impacted the price of the second-largest blockchain.
Just in August, Vitalik diluted his ETH holdings worth over $1.2 Billion. His most recent sell-off came on the 30th of August when Vitalik sold nearly $2M worth of ETH.
The Vitalik Buterin Effect
Vitalik’s sell-offs have severely impacted Ethereum’s price, which is currently trading at $2,522, according to CoinGecko data. If we take a look at the monthly chart, ETH is down ~20% since the 1st of August
Vitalik once again talking about random technical stuff and ignoring all the talk about him selling ETH.. https://t.co/M6MlEbn7Lt
— CoinMamba (@coinmamba) August 30, 2024
A few members on X did bring up Buterin’s ETH sell-offs, with strong claims that the co-founder of ETH is busy diverting attention from his sales with technical advocacies rather than addressing his sell-offs.
Heart of Gold?
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Soon, X exploded, with users taking sides on the issue and many coming in favor of Vitalik. In one such post, a user talked about how co-founder selling their profits is frowned upon in the industry and supported Vitalik.
However, Vitalik clarified that he has not sold his proceeds since 2018 and has donated all the money to promising businesses and charities.
I haven’t sold and kept the proceeds since 2018. All sales have been to support various projects that I think are valuable, either within the ethereum ecosystem or broader charity (eg. biomedical R&D)
— vitalik.eth (@VitalikButerin) August 31, 2024
The clarity did support his previous claims of selling all animal memecoins for charity to help animals and underprivileged economies.
Vitalik’s stance on the overall development of the industry has always been lauded by the community, and finally, his statement clarifying the sell-offs will come as a strong response to all the negative comments about him.
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