Moodeng, a memecoin inspired by the famous Thai zoo hippo Moo Deng, saw its price soar by almost 500% recently. This spike followed a mention and token sale by Ethereum co-founder Vitalik Buterin, which caught the attention of traders and fans alike.

Vitalik sold 10 billion MOODENG tokens for 308.69 ETH, equivalent to around $762,000. He then donated 260 ETH (about $642,000) to a charity called Kanro. Despite this, Vitalik still holds 40 billion MOODENG tokens, valued at over $8 million. These tokens were originally sent to him by the Moodeng team in September, along with other similar tokens he received as part of a common marketing strategy used by various memecoin projects.

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Buterin is known for receiving tokens like these without asking, but instead of keeping them, he donates the proceeds to charity. He commented on this in a recent X post, saying, “I appreciate memecoins that donate to charity. All tokens I get are given to charity too. Thanks Moodeng! The 10B tokens from today will go to anti-airborne-disease tech.”

Buterin’s sales and social media mention caused a huge surge in Moodeng’s price, adding to its earlier rally. The memecoin’s value has increased by more than 2,700% in the past seven days, according to data from DEXTools.

Moodeng, available on both Ethereum and Solana, draws inspiration from Moo Deng, a baby hippo at the Khao Kheow Open Zoo in Thailand. It’s the first Thai memecoin to achieve a market cap of over $100 million, largely thanks to its widespread appeal.

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This price jump also coincides with a rise in attention to memecoins in general, with some traders suggesting that a “memecoin supercycle” is underway. In this cycle, memecoins may outperform tokens backed by venture capital due to their viral nature and community-driven focus.

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Vitalik sees potential in memecoins, expressing that they can make a positive impact on the world. “I believe memecoins are at their best when they bring positive outcomes,” he stated.

The Moodeng team also announced that they’ve set up a special wallet to continue charitable activities.