Crypto company Ethereum’s founder Vitalik Buterin has donated $1 billion worth of coins to India’s COVID Crypto relief fund The donation is in the form of a meme digital currency called Shiba Inu coin, named after the dog breed.
The transaction led to panic among some investors, resulting in over 35% fall in Shiba Inu’s price in the last 24 hours – though the price has since recovered partially, according to tracker Nomics.
Vitalik has also donated to the COVID relief fund in the form of Etheru, his own cryptocurrency. Currently, India is badly hit by the second wave of the coronavirus pandemic.
According to reports, Buterin has donated around 500 ETH and over 50 trillion SHIB (Shiba Inu) worth $1.14 billion to the India COVID relief fund, which has been started by Indian tech entrepreneur Sandeep Nailwal.
Nailwal thanked Vitalik for the donation on Twitter.
He wrote, “Thanks @VitalikButerin One thing we have learnt from Ethereum and @VitalikButerin is importance of community. We will not do anything which hurts any community especially the retail community involved with. We will act responsibly! Plz don’t worry Shib holders. “India has already received donations worth $6 million in 10 different cryptocurrencies. However, cryptocurrencies are still not legalised in the country.
Buterin, who became the youngest crypto billionaire at the age of 27 this month, also donated Ethereum and Dogelon Mars (ELON) – another meme coin – worth $336 million to Methuselah Foundation.
The foundation is a non-profit organisation that promotes efforts in tissue engineering and regenerative medicine therapies.
Buterin donated over 13,000 ETH to Givewell, a nonprofit organisation that works to curate the best charities around the world.
Buterin also donated to Gitcoin Community, MIRI, and Charter Cities Institute.
Former Australian cricketer Brett Lee too has made donations in the form of cryptocurrencies. He has donated a bitcoin worth Rs 45 lakh to help India buy oxygen supplies for hospitals across the country.