A Meme Coin's Failed Stunt: $230 Million Gift to Vitalik
$230 million was sent to @VitalikButerin for free
A marketing stunt by a memecoin gone wrong
Here's what happened 🧵↓
In April 2021, @DogelonMars sent 50% of the supply to Vitalik.
This is a common trend with meme coins, using his wallet as a dead address and assuming he won't sell.
But this time, they guessed wrong 🚨Vitalik usually burns or donates these tokens, mostly for tax reasons, as reported by @CNBCTV18NewshSo... So... Vitalik received 500T of ELON
He then sold 68T for $5M.
But what about the remaining $225 millVitalik donated the rest to Methuselah Foundation @mfoundation, a biomedical charity with an ambitious goal:
"to make 90 years old the new 50 by 2030"
It's named after the biblical figure Methuselah, who is said to have lived for 969 yeIn Methuselah's spirit, they vowed to hold the token for 969 years, tapping into it only when needed.
Spoiler alert: they didn'Two years on, they moved funds from the initial wallet to olympusmons.eth. A week later, they split it across 10 of their own wallets
Breaking their 969-year promise, they recently made a deal with “Dogelon Mars supporters” - a group still anonymous to dateTwo wallets then received 360T $ELON, about 80% of what the foundation originally held.
1. 0x0369f4e333EE23076fAc1D4Db472D1E4935fc3B4
2. 0x35F57F1173453EB3D12c2AF8DB61b1181926The supporters group sent 100T to a new wallet.
This wallet was used to set up pools on Uniswap V3, provide liquidity on various CEXs, and facilitate cross-chain activitieAs of now, there hasn't been any suspicious activity from the supporters group.
However, it raises a question: should Vitalik, Methuselah, and the Dogelon community be concerned about this unknown group now holding 40% of the supply
