Vitalik Buterin, the co-founder of Ethereum, donated a new cryptocurrency Shiba Inu worth 1 billion U.S. dollars (over 736 crore rupees) to the Indian COVID Relief Fund, and the country continues to fight the novel coronavirus pandemic. The creator of Shiba Inu gave Buterin 50% of these dog-themed meme tokens, thinking he would not touch them. However, the world’s youngest crypto billionaire decided to donate instead. The creators of Shiba Inu said they locked 50% of Uniswap’s total supply and lost the key.
“50% of the funds were burned to Vitalik Buterin. This is our first project along this road. Therefore, everyone must buy the product on the open market to ensure that developers do not need to have access to the community A fair and complete issuance of the team tokens discarded on the above,” the team behind the token wrote on its website.
Buterin transferred 50 trillion Shibu tokens worth 1.2 billion U.S. dollars (over 73.6 billion rupees) to the Indian COVID Relief Fund established by technology entrepreneur Sandeep Nailwal. The donation is also the largest donation in the history of any cryptocurrency person. Of course, given how novel the token is and its status as a meme coin, not a real cryptocurrency, unlike Bitcoin (price in India) or Ethereum (price in India), this money is impossible Realized entirely in rupees-if it does, then it is likely to reduce the value of the token and hurt retail investors at the same time. However, this does not mean that Memecoin cannot be a real asset. I would like to ask anyone who has invested in Dogecoin (Indian price).
In a tweet, the official processor of the relief fund expressed gratitude to the co-founders of Ethereum and added that it will “conduct a thorough liquidation to ensure” its COVID relief goals are met.
It added: “We decided to slowly switch donations over a period of time.”
We have decided to slowly switch donations over a period of time.
(1 / x)
—Covid Covid Relief Fund in India???????? (@CryptoRelief_) May 12 2021
Regarding Buterin’s donation, Nailwal stated that one of the things they learned from Ethereum and its co-founders is the importance of the community. Nailwal eased the concerns of Shib holders, saying that they will not do anything to harm any community, “especially the retail community related to SHIB.”
“We will act responsibly!”
Thank you @VitalikButerin
One thing we learned from Ethereum is @VitalikButerin The importance of the community
We will not do anything that will harm any community, especially the retail community related to it $ SHIB
We will act responsibly!
Please do not worry $ SHIB Holder. https://t.co/M4GxTR0JAn
-Sandeep-Polygon (previous Matic network) (@ sandeepnailwal) May 12 2021
According to data from the Uniswap trading platform, after remittances to the relief fund, the price of Shiba Inu plummeted by nearly 30%, which is a guarantee made by Nailwal. It is more important here to emphasize that the actual value of aid received by charities is likely to end up being much lower than expected.
This is not Buterin’s first donation to India’s COVID Relief Fund. In April, the 27-year-old transferred 100 ETH and 100 MKR, valued at approximately US$6,06,110 (approximately Rs 4.5 crore).
Nailwal plans to use the funds to obtain oxygen, food, and possibly even the cost of providing vaccines to the poor, and he promised that all expenditures will be publicly disclosed to achieve complete transparency.