In line with his philanthropic nature, Vitalik Buterin has adopted Moo Den,g a pygmy hippo that sparks a viral meme trend
Ethereum co-founder Vitalik Buterin has made headlines by adopting Moo Deng, a pygmy hippo, at Thailand’s Khao Kheow Open Zoo. This unexpected move, announced on December 26, showcased his philanthropic side. It also triggered a significant surge in the value of the MOODENG meme token by 70% within an hour.
The Vitalik Buterin Donation and Ripple Effect in the Market
Vitalik Buterin donated 10,000,000 Thai baht, equivalent to $287,000, to support Moo Deng and her family. This donation is part of the zoo’s Wildlife Adoption Project. It is to help create a 1,600-square-meter enclosure for the hippo family, ensuring their care and comfort.
Buterin’s donation is made in two installments, with the first tranche completed on December 26. The remaining funds, totaling 500,000 Thai baht, will be delivered within the next year.
This act of generosity reflects Buterin’s growing commitment to social and environmental causes. This is particularly through meme tokens and decentralized autonomous organizations (DAOs).
News of the adoption had an immediate impact on the MOODENG meme token. Within hours, the Ethereum-based token surged by 70%, supported by a 275% spike in trading volume. MOODENG reached a high of $0.0002446 before stabilizing at $0.0001942. This increase demonstrates fresh energy among traders.
This surge caught the attention of major crypto exchanges like Coinbase, which quickly listed the token. The token’s derivatives market mirrored this enthusiasm. Its futures open interest climbed by 9% within four hours, now valued at $115.42 million.
In contrast, the Solana-based version of the token saw a slight dip, highlighting Ethereum’s dominant role in this phenomenon.
Ethereum’s Market Condition and Outlook
Ethereum’s (ETH) market price has recently stabilized after fluctuating, reflecting broader trends in the crypto market. This steady phase comes as the network asserts its dominance in Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and other blockchain-driven applications.
Ethereum has been fluctuating this month between the $3,600 to $3,800 price mark. This has caused the market sentiment to remain cautiously optimistic. On the bright side, Buterin’s recent philanthropic actions have added a layer of positivity to Ethereum’s brand.
Looking ahead, Ethereum is expected to see gradual growth in adoption, particularly in institutional finance and environmental initiatives. Buterin recently hinted at ambitious plans for the network’s future.
One of his goals is to achieve 100,000 transactions per second (TPS) on the Ethereum network, improving scalability and competitiveness. Additionally, Buterin plans to improve scalability from Layer 2 solutions and growing gaming, supply chain, and real estate use. This move is expected to boost Ethereum’s market cap.
If Ethereum continues to support innovative and socially impactful applications, it could help it stay ahead of competitors like Solana and Binance Smart Chain.
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