World’s youngest crypto billionaire and Co-founder of Bitcoin-rival Ethereum (ETH) Vitalik Buterin has chipped in with his contribution, albeit a massive one, for India’s fight against the Covid pandemic. Buterin on Wednesday donated 500 ETH, worth around $2 million, and over 50 trillion of lesser-known meme currency Shiba Inu (SHIB) worth over $1 billion to the India Covid-Crypto Relief Fund. The fund was announced by a Bengaluru-based company working on scalable and instant blockchain transactions Polygon’s co-founder Sandeep Nailwal last month. “One thing we have learnt from Ethereum and @VitalikButerin is importance of community. We will not do anything which hurts any community specially the retail community involved with $SHIB. We will act responsibly! Plz don’t worry $SHIB holders,” Nailwal tweeted acknowledging Buterin’s contribution.
50 trillion SHIB donated by Vitalik Buterin
Importantly, according to the creators of SHIB, they had locked 50 per cent of the total supply of SHIB to Uniswap (a decentralized exchange protocol built on Ethereum) and the rest 50 per cent was ‘burned’ to Vitalik Buterin. This essentially meant 50 per cent of all SHIB in circulation was given to Buterin who used it to contribute to the Covid fund. SHIB witnessed a decline from $0.000028 (at the time of Buterin’s donation) to $0.00002 currently, as per CoinMarketCap, as a result of caution triggered among some investors. Launched as a rival to Dogecoin, SHIB was recently among the top 20 cryptos by market cap amid a social media frenzy. The coin was listed on multiple crypto exchanges such as FTX, Binance, and OKEx and was currently the 24th largest coin in CoinMarketCap’s rankings with a market cap of $7.79 billion.
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However, according to Binance.com, “SHIB is a relatively new token that poses a higher than normal risk, and as such will likely be subject to high price volatility after the Binance listing.” Binance had listed SHIB for trading on Monday. As India fights the unprecedented healthcare crisis, prominent angel investor and entrepreneur Balaji Srinivasan had also donated to the India Covid-Crypto Relief Fund. Former Australian pacer Brett Lee had also earlier announced donating 1 Bitcoin to Crypto Relief to help purchase with oxygen supplies for hospitals. India’s daily case count had surpassed the 3.5 lakh mark on Thursday while over 4,000 deaths were recorded for the second day in a row. A total of 3,62,727 new cases were reported in the 24 hours period, as per the data from the Health Ministry.