On Wednesday, Ethereum’s Vitalik Buterin took control of his bunch of Dogecoin ERC20 tokens, Shiba Inu, and donated more than $1 billion worth of currency to India’s Crypto Covid Relief Fund. The fund is an initiative to help people in India who are currently experiencing the covid-19 outbreak. Buterin also sold other similar currencies such as Akita and Dogelon, causing market prices to fall.
Vitalik Buterin donated $1 billion worth of Shiba Inu tokens to India’s Crypto Covid Relief Fund
Vitalik Buterin, the popular founder of Ethereum, started selling meme coins sent to him by some projects, donating 10% of his Shiba Inu stack to India’s Crypto Covid Relief Fund. These Dogecoin ERC20 tokens are “burned” for him, provided that he will not touch or sell them. However, under all common beliefs, Buterin decided to make full use of these funds.
Today, the transaction of Shiba Inu tokens worth more than 1 billion U.S. dollars took place in the aforementioned Covid Fund, which was funded by Sandeep (Nandeep Nailwal), Is the co-founder of Polygon, the second layer protocol of Ethereum. However, this is not Buterin’s first donation to this particular fund. Five days ago, Buterin also donated $3 million in Dogecoin (DOGE) to the same charity.
We have decided to slowly switch donations over a period of time.
(1 / x)
—India’s Crypto Covid Relief Fund🇮🇳 (@CryptoRelief_) May 12, 2021
This is the largest donation made by any cryptocurrency person to help people affected by the Covid-19 pandemic. Donations are also compared to who.
However, not everyone is satisfied with the news: in fact, after the price of Shiba Inu fell, community members said it was a heavy blow to retail buyers, while others called it a carpet pull.
Other charities also receive donations
But Batlin did not stop there: he also set out to abandon other meme coins and donate to other charities. According to his transaction records on Etherscan, Buterin donated nearly 14,000 Ether to the non-profit organization Givewell, which rates charities and distributes donations based on their rankings.
Vitalik also made important contributions to Gitcoin and the Institute of Machine Intelligence, the organization that funded open source software projects. After Buterin sold most of these currencies and made donations, his personal wallet address was flooded with incoming transactions of other meme coins, indicating that this new way of issuing currencies is far from over.
What do you think of Vitalik Buterin discarding these meme coins for donation? Let us know in the comments section below.
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