Ethereum’s Co-Founder Vitalik Buterin Donates US$1.2 Billion worth of SHIB tokens to India Covid Relief Fund

Vitalik Buterin, the world’s youngest known cryptocurrency billionaire and co-founder of Ethereum, has donated US$1.2 billion worth of crypto tokens to the India Covid Relief Fund. He made this donation in terms of dog-themed meme tokens Shiba Inu (SHIB).

SHIB has copied the success of Dogecoin (DOGE). It has seen tremendous performance in the last few months due to the staggering rally of Dogecoin (DOGE). In fact, the SHIB coin’s price has jumped by more than 9,000% in the last 30-days. Shiba Inu token is a copycat token of Dogecoin but has much larger token supplies than that of DOGE.

At 20:37 pm UTC on May 12, 2021, Buterin donated 50 trillion SHIB tokens (worth around US$1.2 billion) to the India Covid Relief Fund. This fund was set up by Sandeep Nailwal (an Indian tech entrepreneur) at a time India is going through one of the worst possible COVID-19 crises. Nailwal is the COO and co-founder of Polygon. This company has created a protocol that aggregates scalable solutions on Ethereum in a multi-chain system.

This is not the first time Buterin has made a significant donation. Earlier in April 2021, the co-founder of Ethereum (ETH) donated around US$600,000 worth of tokens to the India Covid Relief Fund in terms of Ethereum (ETH) and Maker (MKR).

In response to receiving the token donations, Naliwal thanked Buterin and also assured the investors of the Shiba Inu token that all the funds will be spent responsibly. He went on to say:

“We will not do anything which hurts any community specially the retail community involved with SHIB.”

As per blockchain data provider Etherscan, Vitalik Buterin has also sent around US441 million worth of Akita Inu (AKITA) cryptos to an open-source bounties platform on Ethereum named Gitcoin.

The co-founder of Ethereum also made millions of dollars donations to many other charitable organizations including:

• GiveWell: A non-profit charity evaluator
• Methuselah Foundation: An organization that works in extending the human lifespan
• Machine Intelligence Research Institute: Focuses on the development of safe artificial intelligence (AI) technologies

The anonymous developers of Shiba Inu (SHIB) tokens had sent 50% of the total supply of the token to Vitalik Buterin’s wallet on the promise that he would not sell them. These coins were reportedly burned or taken permanently away from the supply and given to Ethereum’s co-founder. The other dog themes coins were also given to Vitalik by the developers on a similar understanding.

After the donations were made, the prices of these dog-theme meme coins Shiba Inu (SHIB), Dogelon Mars (ELON), and Akita Inu (AKITA) dropped by 36%, 65%, and over 50% respectively in the last 24-hours.

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