Ethereum Creator Donates $1B In Meme Coin For COVID Relief But Were Other Forces At Play?
Meme coins have been on the rise, with Dogecoin taking off and other cryptocurrencies attempting to follow suit. This has caused some trouble for the rest of the cryptocurrency world as fees have gone up and the legitimate cryptocurrency market is diluted. Now, one of the cofounders of Ethereum, Vitalik Buterin, has donated $1 billion in meme coins to a COVID-19 relief fund for India, which may have rippling effects.
While Buterin donated quite a bit to other charities, the big donation of the bunch is 500 Ethereum, and a whopping 50 trillion SHIB worth roughly $1.14 billion at the time of the transaction was sent to the India Covid-Crypto Relief Fund. The founder of this fund, Sandeep Nailwal, thanked Vitalik and promised safe and responsible handling of the funds so that the community is not hurt. However, after this transaction was completed, $SHIB took a bit of a dive and is currently down 30% at the time of this writing.