Ethereum inventor Vitalik Buterin could have easily put an end to the meme coin mania, at least in the short term. Buterin received 50% of the total supply from Shiba Inu (SHIB), a token that saw a surge in interest after major exchanges added it to their products for the spot and derivatives market.
In a wave of donations, Vitalik Buterin sent his SHIB tokens, along with ELON, MIRI, and AKITA to various charitable foundations. Ethereum lead developer Hudson Jameson listed the charity project and the amounts they received.
The Gitcoin Community, a Web3-based project with a large number of open source developers, received all AKITA tokens at their Multi-Sig address. The Methuselah Foundation, a non-profit organization focused on extending human life, received all ELON tokens and 1,000 ETH.
The MIRI organization, an artificial intelligence project aiming to develop the mathematical theory of reliable reasoning for autonomous AI systems, according to its official website, received 1,050 ETH. The Charter Cities Institute, created to improve human life by “building the ecosystem for charter cities,” received 500 ETH.
Vitalik Buterin turns his back, but for a good cause
In April, Vitalik Buterin donated $ 500,000 in ETH to Polygon co-founder Sandeep Nailwal, an initiative to help India’s Covid-19 relief campaign, CryptoRelief. Now, it sent the organization 500 ETH and 10% of its SHIB supply, which is estimated to be around $ 1 billion.
Through its Twitter account, the organization confirmed the donation of 50,693,552,078,053 SHIBs and stated the following:
We plan to do a careful liquidation to ensure we meet our COVID relief goals. We have decided to convert the donation slowly over a period of time.
Nailwal also confirmed through his Twitter account that they plan to be “responsible” with the donations. Therefore, they plan to use the funds without “harming” the SHIB community. He assured SHIB headlines that they have no reason to worry.
In response, members of the SHIB community stated that Buterin’s donation could be among the largest in history and could attract new users to the Shiba Inu ecosystem. User “SHIB Informer” said the following:
We are not concerned at all. The #SHIBArmy is strong. Today, Vitalik Buterin made a lot of moves, and a part of it involved this donation (can this be the largest ever, does anyone know?). The best for $ SHIB is yet to come.
Buterin’s donations were generally praised by the crypto space. Many agreed that the funds will be better used by the aforementioned organizations and will contribute to the decongestion of the Ethereum network.
The tokens donated by Buterin experienced massive drops in price. ELON had a 95% correction. SHIB’s losses were minor in comparison, and since then the price has been recovering. At time of writing, SHIB is trading at $ 0.000021 with a loss of 37.4% on the daily chart and a gain of 1.258% on the 7-day chart.
SHIB with massive losses after Buterin’s donation wave. Source: SHIBUSDT Tradingview