Home Latest Vitalik Buterin dumps multiple memecoins in the name of charity

Vitalik Buterin dumps multiple memecoins in the name of charity

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Ethereum inventor Vitalik Buterin could single-handedly end the coin meme mania, at least in the short term. As donations, Vitalik Buterin sent his SHIB tokens along with ELON, MIRI and AKITA to several charitable foundations.

Buterin was the recipient of 50% of the entire offering of Shiba Inu (SHIB). A token that sparked a surge in interest after major exchange platforms added it to their spot and derivatives products.

SHIB and AKITA were created as memes symbolizing the Shiba Inu and Akita Inu dog breeds. The Dogelon Mars cryptocurrency was also released as a joke, with a reference to Tesla’s CEO Elon Musk, who is actively promoting DOGE. Their issuers decided to send half of their cryptocurrencies to Buterin’s address. Perhaps the issuers of “dog coins” assumed that Buterin wouldn’t sell the donated coins and would keep them for the long term. However, Buterin turned out to have completely different plans. He began to transfer the received cryptocurrencies to the Uniswap decentralized exchange and sell them for ether.

Buterin’s actions greatly influenced the prices of these cryptocurrencies. Over the past day, the value of SHIB has decreased by 30%. The AKITA rate has fallen by 50%, and ELON has fallen by 73%.

Where were the funds sent?

Vitalik Buterin has donated over $ 1 billion in digital currency to the India COVID-Crypto Relief, which is helping India fight the coronavirus.

In addition, Vitalik Buterin transferred $ 336 million in Ethereum and another Dogelon Mars (ELON) “meme-coin” to the Methuselah Foundation. It develops tissue engineering and regenerative medicine.

The largest amount of more than 13 thousand Ethereum coins (over $ 50 million) he sent to Givewell, which oversees charitable foundations around the world.

The Charter Cities project, which develops private cities, also received a gift from Buterin in the amount of 500 ETH.

In total, Buterin donated about 16,000 ETH to charity along with other cryptocurrencies.

Buterin – youngest billionaire

After reports of donations, Forbes magazine reported that Buterin’s fortune exceeds $ 1.3 billion. This amount in ETH he transferred between his wallets.

Back in early May, Forbes magazine included Vitalik Buterin in the list of billionaires, calling him the youngest billionaire who made a fortune on cryptocurrency. His fortune has grown amid the growth of Ethereum. Over the year, the cryptocurrency has grown more than 20 times from $ 200 to almost $ 4,000 per coin.

Conclusion

The co-founder of Ethereum is a supporter of philanthropy. So, Buterin believes that cryptocurrencies will have even more value if they are used for good purposes. In March, Buterin said that NFTs could reach their full potential if they used to solve social problems.

And although traders who have invested in hype projects are probably unhappy with this turn of events. Most of the community took the news with joy that the coins went to a good cause.

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