Ethereum Constructor, Vitalik Buterin, Donates Over $1B to India COVID Relief Fund

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Vitalik Buterin has sent huge amount of “meme coins” that were presented to him to several charities. Buterin has sent 13,292 ETH worth $54 million, this price was at the time of the transaction, to Givewell, a non-profit association that estimates the fruitfulness of charities. He sent approximately $336 million worth of ELON to the Methuselah Foundation, a non-profit committed to tissue engineering and making “90 the new 50 by 2030.”
He granted another 1050 ETH worth over $4.2 million to the AI Safety association. An for the last part, he sent 500 ETH and over 50 trillion SHIB worth around $1.14 billion, of course at the time of the transaction, to the India Covid-Crypto Relief Fund.
Sandeep Nailwal, the co-founder of Polygon and the producer of India’s crypto covid relief fund, thanked Buterin on Twitter and made it Chrystal clear that the charity will sell SHIB as soon as possible so they won’t cause further drops in price.
Buterin donated over $1.5 billion in crypto donations at the time of the transactions. While this action seemed extraordinarily generous, these transactions caused some of these meme coins to decent in value and some questioned if he had an ulterior motivation,. According to Coinmarketcap, SHIB dropped over 38%, ELON took an over 70% hit and AKITA dropped 50% on the news.
Ironically, Buterin hadn’t even sold the coins and had just given them away But the news of him no longer holding them was enough to cause a panic selloff anyway. Holders of these tokens took a serious hit due to this panic. These coins are new to the ethereum network and have tried to clown the rise that Dogecoin (DOGE) has recently experienced, leading to many inexperienced investors flooding in.
The maker of these tokens had sent large quantities to Buterin hoping that he would hold them. These types of airdrops let any project to rope in well-known figures for marketing purposes without permission, as they can simply send tokens to a public address and claim that person’s participation in the project. At the point, it was reported that trillions of SHIB worth over $8 billion had been sent to him.
The density that these new meme coins make on the ethereum blockchain leads to an growth in fees and lack of usability for more important projects, amking others to question if Buterin’s donations were intended for more than just charity or some other porpuses.
One crypto-Twitter account called LilMoonLambo said, “Vitalik just pulled off a 350 IQ play. Kills meme coin hype which makes money return to $BTC and $ETH, sells his $SHIB for $ETH which takes away available supply and unclogs the network. Genius.”

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