Wed. Jun 1st, 2022

Vitalik Buterin Contributes $1 Billion in Shiba Inu Tokens to the Crypto Covid Relief Fund in India

 

On Wednesday, Vitalik Buterin, the founder of Ethereum, took ownership of his Shiba Inu, a dogecoin ERC20 token, and donated more than $1 billion to India’s Crypto Covid Relief Fund. The fund is a charitable program aimed at assisting people affected by the current covid-19 epidemic in India.Buterin also traded Akita and Dogelon, two identical currencies, leading retail rates to plummet.

Vitalik Buterin Contributes $1 Billion in Shiba Inu Tokens to the Crypto Covid Relief Fund in India

Vitalik Buterin, the well-known Ethereum creator, began selling meme coins sent to him by various campaigns, contributing 10% of his Shiba Inu stack to India’s Crypto Covid Relief Fund. These ERC20 dogecoin tokens were offered to him to “burn,” with the understanding that he would not touch or sell them.Buterin, contrary to public opinion, chose to bring these funds to good use.

Shiba Inu tokens worth over a billion dollars were transferred today to the aforementioned Covid Fund, which was created by Sandeep Nailwal, co-founder of Polygon, an Ethereum second layer protocol. Buterin isn’t the first one to donate to this cause. Buterin has contributed three million dollars in dogecoin (DOGE) to the same charity five days earlier.


This is one of the largest donations made by a cryptocurrency celebrity to support people afflicted by the Covid-19 pandemic, dwarfing Justin Sun’s and Balaji Srinivasan’s contributions. However, not everybody was pleased with the news: After the news broke, Shiba Inu rates fell, with some calling it a low blow to retail customers and others calling it a rug drag.

Donations were also made to other charities.

Buterin didn’t stop there: he went on to sell off other meme coins in order to donate still more money to other charities. Buterin contributed almost 14,000 Ether to Givewell, a non-profit organization that ranks causes and distributes contributions depending on their ranking, according to his transactions log on Etherscan.

Vitalik has made significant contributions to the Machine Intelligence Research Institute and Gitcoin, an organisation that supports open-source software projects. Buterin’s personal wallet address was overloaded with incoming purchases of other meme coins after he sold most of these currencies and made the donations, indicating that this new way of launching currencies is far from over.

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