Vitalik Buterin has donated $1 billion in Shiba Inu (SHIB) to India’s Crypto Covid Relief Fund.
This is one of the largest donations in the cryptocurrency world. Specifically, Vitalik has donated over 50,000 billion Shiba Inu that the charity plans to liquidate so that it can invest it for its charitable purposes.
Vitalik Buterin drives down the price of Shiba Inu
The donation has had an earthquake effect on the price of Shiba Inu, which is now down around 40%. In the past few days, the coin had gone up a lot, thanks to the listing on Binance and KuCoin. This generated hype until Vitalik’s transaction caused the token’s value to plummet. It was known that Vitalik Buterin was one of the “whales” of Shiba Inu, the cryptocurrency that aims to kill Dogecoin but has no real use case.
Now the Crypto Covid Relief community is looking into a way to convert the funds without causing problems for Shiba’s investors, who are actually a bit worried as the price has practically halved.
The donation from Buterin and the others will probably be used to buy materials for the hospitals. Already in recent days, a huge donation in Dogecoin was received, about 5 million DOGE, converted into 2.9 million USDT. It is likely that the same process will be followed with Shiba Inu so that it can then be invested for charitable purposes and provide relief to the Indian community.
However, this is not Vitalik Buterin’s only donation to the Indian organization. Yesterday he reportedly donated 500 ETH (about 2 million dollars).
Covid-19 in India
India is one of the countries currently hardest hit by Covid 19 infections. The ‘Indian variant’ continues to spread and the country is in serious trouble. Yesterday alone, as many as 4,000 deaths were recorded. The situation is becoming explosive, with corpses emerging even from the Ganges, the vaccination campaign struggling to get off the ground, and hospitals struggling to treat and care for the sick.
The fact that the government still does not want to impose the lockdown is not helping in curbing contagions.
