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Vitalik Buterin, the co-founder of Ethereum (ETH), caused waves in the meme coin world with a comment he made on social media.
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Buterin, who joined a post shared by a user on X platform saying “This is the style of Ethereum investors,” gave a witty response that delighted meme coin fans. Buterin replied to the user’s post with “This is how meme coin investors are,” and drew attention by writing his response using Chinese characters.
Buterin’s move, who is considered to be one of the pioneers in the cryptocurrency world, aroused great excitement among investors and fueled speculation that a meme coin craze could begin.
Following Buterin’s comment, some investors created new meme coins with names like “VITALIKED” on the Ethereum network, creating a rapid movement in the market. This situation paved the way for pump-dump cases aimed at making a profit in a short time.
Impact of Vitalik Buterin ‘s Comment
Buterin’s comment had a significant impact on the meme coin market. The price of Dogecoin (DOGE), the most popular meme coin, rose by 10% in the hours following the comment. Other meme coins, such as Shiba Inu (SHIB) and Floki Inu (FLOKI), also saw significant gains.
The comment also led to a surge in interest in meme coins among investors. The number of searches for “meme coin” on Google increased by 50% in the days following the comment.
Pump-Dump Concerns
However, Buterin’s comment also raised concerns about pump-dump schemes. Pump-dump schemes are a type of market manipulation in which a group of people artificially inflate the price of a cryptocurrency in order to sell it at a higher price later.
The creation of new meme coins with names like “VITALIKED” raised concerns that these coins were being created specifically for pump-dump schemes. These coins are often promoted on social media with the promise of quick profits, which can attract inexperienced investors who are more likely to fall victim to pump-dump schemes.
It is important to be aware of the risks associated with meme coins before investing in them. Meme coins are often volatile and can be subject to pump-dump schemes. Investors should only invest in meme coins with money they can afford to lose.