Vitalik Buterin has been helping India with combating COVID. Recently he donated over $1 billion in Shib tokens to the COVID relief funds in the country. Do note that these coins didn’t go from his own pocket. They were gifted by the creators of the Shiba Inu coin. Since all these coins are based on Ethereum it could be seen as a sign of appreciation for the creator of ETH. The number of tokens donated by Buterin was 50 trillion and the liquidation of them also led to a dip in Shiba Inu’s price.
The COVID help by Buterin
This is not the first time that the founder and creator of Ethereum have extended help to India. A few weeks back he donated about $600k in ETH and MKR to the country. The funds were donated to a relied fund set-up by Sandeep Nailwal, co-founder of Polygon. The help was much appreciated back then but the most recent donation will be even bigger support for the country. But the dip of the coin’s prices means the received amount will be actually much lesser than the donated amount.
The effect on the market
After the donation even though Nailwal said that the funds will be used wisely and won’t affect the market, the price of SHIB dipped by 36%. At the same time, other currencies that were included in the donation like AKITA and Dogelon Mars were also down by 50% and 65% respectively. Even though the makers of Shiba Inu never intended that the coins in Buterin’s wallet will ever be dumped that did happen and Butrerin took a strong stance against all these copycats.
What are your thoughts on the huge help provided by Vitalik Buterin to India for covid relief? And do you think that the price of Shib will rise again? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.