Ethereum founder, Vitalik Buterin, has donated cryptos worth more than $1.5 billion to various non-profits. One of his philanthropic drive beneficiaries in India has received $1 billion to fight the raging COVID-19 in the beleaguered Asian country.
The exciting part is that the donation was made in Shiba Inu tokens. Buterin transferred more than 50 trillion Shiba Inu with a value of $1.4 billion to the Indian COVID-19 Crypto Relief Fund. While this helped to create even more awareness for the Dog-themed cryptocurrency, however, this move triggered a massive sell-off of the asset.
News of the SHIB donation triggered a price drop of 35%. Investors were afraid that as the relief fund moved to liquidate the co, there could be downward pressure on the crypto.
However, there is good news for the Shiba Inu community. After the India Covid-19 Relief Fund, this is investors assured that it would not take any actions that could negatively impact the community. According to Sandeep Nailwal, one of the people behind the relief fund, they would do everything to protect the Shiba Inu retail community.
This makes the donation a win-win. The community is protected, while India gets much-needed supplies of oxygen cylinders, among other supplies that can help fight the virus.
Shiba Inu has recently exploded in value as investors look for the next big thing after Dogecoin’s success. It already has a massive following in China and has experienced an enormous increase in value over the last couple of days. Its value only crashed after news of the donation hit the market.