Vitalik Buterin drops his SHIB, the price is 30% in 1 hour

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The inventor of Ethereum, Vitalik Buterin, could have stopped the meme coin mania on his own, at least for a short time. Buterin received 50% of the total offering in Shiba Inu (SHIB), a token whose interest increased after major exchange platforms added it to their products for the spot and derivatives market.

In a fundraising campaign, Vitalik Buterin sent his SHIB tokens together with ELON, MIRI and AKITA to several charity foundations. Ethereum’s core developer, Hudson Jameson, made a list of the charity project and the amounts received.

The Gitcoin Community, a Web3-based project with a large number of open source developers, received all AKITA tokens in their multi-sig address. The Methuselah Foundation, a non-profit organization focused on extending human lifespan, received all of the ELON tokens and 1,000 ETH.

The MIRI organization, an artificial intelligence project aiming to develop the mathematical theory of trustworthy thinking for autonomous AI systems, received 1,050 ETH, according to its official website. The Charter Cities Institute, which was founded to improve human life by “building the ecosystem for charter cities”, received 500 ETH.

Vitalik Buterin dumps, but for a good cause

In April, Vitalik Buterin ETH donated $ 500,000 to Polygon’s co-founder Sandeep Nailwal, an initiative to support the Indian Covid-19 aid campaign CryptoRelief. Now he sent the organization 500 ETH and 10% of his SHIB offering, which is valued at around $ 1 billion.

Via its Twitter handle, the organization confirmed the donation of 50,693,552,078,053 SHIB and stated the following:

We are planning a well-considered liquidation to ensure we meet our COVID relief goals. We have decided to slowly convert the donation over a period of time.

Nailwal also confirmed on his Twitter account that they plan to be “responsible” with the donations. Therefore, they plan to use the funds without “hurting” the SHIB community. He assured the SHIB holders that they had nothing to worry about.

In response, members of the SHIB community claimed that Buterin’s donation was among the largest in history and could attract new users to the Shiba Inu ecosystem. The user “SHIB Informer” said the following:

We are not concerned at all. The #SHIBArmy is strong. Today Vitalik Buterin took a lot of steps and part of that was related to this donation (can this be the largest in history? Does anyone know?). The best for $ SHIB is yet to come.

Buterin’s donations were widely praised by the crypto room. Many agreed that the funds will be better used by the above organizations and will help relieve the Ethereum network.

The tokens donated by Buterin saw massive price drops. ELON had a 95% correction. The SHIB losses were small in comparison and the price has since rebounded. At the time of writing, SHIB is trading at $ 0.000021, down 37.4% on the daily chart and gaining 1,258% on the 7-day chart.

SHIB with massive losses after Buterin’s donation frenzy. Source: SHIBUSDT Tradingview

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