Ethereum founder Vitalik Buterin donates meme coins of over $1 billion worth to India to fight Covid

Bitcoin price today
Bitcoin price today

One of the crypto millionaires in the world, Mr. Vitalik Buterin, has donated one billion dollars’ worth of currency to the CoviD-19 charitable drive and meme organizations. According to Forbes, a large portion of Buterin’s donation was made using massive amounts of dog-themed “meme coins” that were given to him for free by the creators of the Shiba Inu coin (SHIB), Dogelon (ELON), and Akita Inu (AKITA). He gave 50 trillion SHIB tokens, which are worth approximately $1.2 billion, to the India Covid Relief Fund, which was founded by entrepreneur Sandeep Naliwal.

Naliwal, co-founder of Polygon and creator of India’s crypto coronavirus relief fund, thanked Buterin for his contribution and assured SHIB holders that his charity would act responsibly and not cause the value to fall further. Buterin’s generous donation, worth approximately $1.2 million, caused the Shiba coin to plummet in value as sellers and buyers assumed the young crypto billionaire would soon liquidate his holdings.

Indeed, shortly after he made his donation public, holders of ‘meme coins’ began to panic, and the prices of these currencies began to fall. Shiba Inu is down 36%, Dogelon Mars is down 66%, and Akita Inu is down more than 50%, according to Coinbase. As a result, the charities would receive far less than the original amount pledged.

Apart from this, Buterin also donated about $1.5 billion worth of coins to Indian charities, some of which came in his own cryptocurrency, Ether. According to Forbes, he donated millions of dollars to tech-focussed charities like GiveWell, Methuselah Foundation, as well as Machine Intelligence Research Institute. In April, Buterin donated around $600,000 in ether and maker tokens to Nailwal’s Covid relief fund last month.

Meanwhile, the Indian government is considering a bill that would prohibit private digital currencies in favor of a Reserve Bank of India-backed digital currency. The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which prohibits all private cryptocurrencies and establishes the regulatory framework for the launch of a “official digital currency,” was scheduled to be introduced during Parliament’s Budget session, but has been postponed while the government continues discussions with stakeholders.