Vitalik Buterin has donated $ 1 billion worth of Shiba Inu (SHIB) to the Crypto Covid Relief Fund of India.
This is one of the largest donations in the world of cryptocurrencies. Specifically, Vitalik has donated more than 50,000 billion Shiba Inu that the charity plans to liquidate so you can invest it for charity.
Vitalik Buterin lowers the price of Shiba Inu
The donation has had a earthquake effect on the price of Shiba Inu, which is now down about 40%. In recent days, the coin had risen a lot thanks to the listing on Binance and KuCoin. This created hype until the Vitalik transaction caused the token's value to plummet. Vitalik Buterin was known to be one of the Shiba Inu "whales", the cryptocurrency that aims to kill Dogecoin but that doesn't have a real use case.
Now, the Crypto Covid Relief community is looking for a way to convert the funds without causing problems for Shiba investors, who are actually a bit concerned that the price has practically halved.
The donation from Buterin and the others will likely be used to purchase supplies for the hospitals. Already in the last days a huge donation in Dogecoin, about 5 million DOGE, converted into 2.9 million USDT. The same process is likely to be followed with Shiba Inu so that it can then be invested for charity and bring relief to the Indian community.
However, this is not the only donation from Vitalik Buterin to the Indian organization. Yesterday supposedly donated 500 ETH (about 2 million dollars).
Covid-19 in India
India is one of the countries currently most affected by Covid 19 infections. The 'Indian variant' continues to spread and the country is in serious trouble. Just yesterday, they signed up to 4,000 deaths. 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 blockade does not help to stop the contagion.