Ethereum co-founder Vitalik Buterin has offloaded almost 50 million SHIB coins via wallet transactions, donating the proceeds from the sale to India’s Crypto Relief Fund and Ethereum-based fundraising platform Gitcoin.
The sale occurred on Wednesday, May 12 led to a significant price correction in the value of the dog-themed cryptocurrencies – Shiba Inu (SHIB), Akita Inu (AKITA), and Dogelon Mars (ELON).
The distribution of the tokens leading to the sale by Buterin made use of an unusual path, the tokens were sent by the developers to the public Ethereum address of the co-founder Buterin. Numerous transactions in token swaps and token transfers were reported to have been registered on public addresses. According to reports, Buterin has generated over $1.2 billion in the sale of over 50 million SHIB coins.
India’s Crypto Relief Fund, an Indian relief programme founded by Sandeep Nailwal has received the entire proceeds made from the sale. The Asian country has been battling strongly against the deadly Covid-19 pandemic as hundreds of fresh cases of the diseases are recorded daily.
The huge sale of the SHIB tokens has led to a massive decline in their values, shedding up to $5 billion in recent valuations in the last 24 hours. This event right after Shiba Inu sprang to the limelight in a short time. At the time of this report, the SHIB token is over 30% down in price at $0.000019 per token with a $7.7 billion market cap.
Ethereum Community Grateful to Buterin for the Gesture
The network fees of the Dog-themed tokens have recently sprung up massively as creators of the tokens kept sending large amounts of the coins to the Ethereum co-founder.
Despite the sharp decline, users of the Ethereum blockchain have dropped their appreciation for the gesture from the Ethereum co-founder. The founder of Polygon Sandeep Nailwal has thanked Buterin while also stating in his tweet that the event wasn’t intended to hurt the SHIB community. Sandeep also pledged to act responsibly with the donation while urging SHIB holders not to worry.
“Thanks, @Vitalik Buterin. One thing we have learnt from Ethereum and @VitalikButerin is the importance of community. We will not do anything which hurts any community especially the retail community involved with $SHIB. We will act responsibly! Plz don’t worry $SHIB holders”, the tweet from Sandeep read.
Buterin as well sent other dog-themed tokens including over $431 million worth of AKITA to Gitcoin. Gitcoin is a public Ethereum-based fundraising platform as per etherscan. Due to the recent development, Shiba Inu has declined losing over 30%, Dogelon Mars also joined the party shedding over 73% while Akita Inu went down by 50% all in the last 24 hours.