Vitalik Buterin Donates $1B Worth of Shiba Inu Tokens to India’s Crypto Covid Relief Fund – Bitcoin News
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As you may have heard, Vitalik Buterin, the founder of Ethereum, has been in the news a lot lately. On a more serious note it is also no secret that India is in a financial crisis. With all this in mind, Vitalik’s latest move seemed inevitable. This past weekend he announced that the Shiba Inu token (SIB) would be issued on the Ethereum platform. This token will allow up to 1 billion people suffering from cryptocurrency hunger to receive up to 1 billion shiba tokens a day, no questions asked. However, to ensure that this is done in a fair and evenly distributed manner, Vitalik has announced that he will personally donate 1 billion shiba tokens to the Crypto Covid Relief Fund that the
Vitalik Buterin, the co-founder of Ethereum, has contributed a staggering $1 billion worth of Shiba Inu tokens to an Indian charity. Buterin made the donation in a bid to help Indian cryptocurrency startups. “There’s so much more to be done,” he said, “and I’m happy to be putting my money where my mouth is to help make it happen.”
Ethereum chief Vitalik Buterin on Wednesday took control of his Shiba-Inu stack, a Dogecoin ERC20 token, and donated more than $1 billion of the coin to India’s Crypto Covid Relief Fund. The fund is an initiative to help those affected by the current Covid-19 epidemic in India. Buterin also sold Akita and Dogelon, other similar coins, which lowered market prices.
Vitalik Buterin donates $1 billion in Shiba Inu coins to India’s emergency crypto currency fund
Vitalik Buterin, the famous founder of Ethereum, has started selling meme currencies sent to him by some projects and donated 10% of his Shiba Inu steiblock to the Crypto Covid Relief Fund in India. These ERC20 dogecoin tokens were given to him to burn on the condition that he did not touch or sell them. Contrary to popular belief, Buterin decided to use the money for a good cause.
The deal for the over $1 billion Shiba Inu token was completed today by the aforementioned Covid fund, founded by Sandeep Nailwal, co-founder of Polygon, the layer 2 protocol for Ethereum. However, this is not Mr. Buterin’s first donation to this particular fund. Five days ago, Buterin also donated $3 million in dogecoin (DOGE) to the same charity.
Thank you @VitalikButerin for the donation of 50,693,552,078,053 SHIBA to @CryptoRelief_ . We plan to implement a thoughtful disposal to ensure that our COVID discharge goals are met.
We have decided to convert the donation gradually over a period of time.
– Cryptocurrency India Relief Fund (@CryptoRelief_) May 12, 2021
This is one of the largest donations made by anyone in cryptocurrencies to help those affected by the Covid 19 pandemic, and dwarfs the donations of Justin Sun and Balaji Srinivasan, who also contributed to the cause.
But not everyone was happy about this news: As a result, the prices of Siba-Inu have fallen. Some in the community called it a jab under the belt for retailers, while others called it a jab under the rug.
Other charities also received donations
But Buterin didn’t leave it at that: he also continued to drop other meme currencies to give more money to other charities. According to his Etherscan transaction data, Buterin donated nearly 14,000 Airwaves to GiveWell, a nonprofit that evaluates charities and distributes donations based on their ratings.
Vitalik has also made significant contributions to Gitcoin, an organization that funds open source projects, and the Institute for Machine Intelligence Research. After Buterin sold and gave away most of these coins, incoming transactions of other meme coins began to flow into his personal wallet, indicating that this new way of entering coins is far from over.
What do you think about Vitalik Buterin launching this meme coins for donations? Let us know your comments in the section below.
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