With the gesture that caused the earthquake, Ethereum co-founder Vitalik Buterin redistributed tokens sent to his public wallet by the creators of Shiba Inu (SHIB), Dogelon (ELON), Akita Inu (AKITA), mwDOGE (mwDOGE) and OURSHIB (OSHIB), according to records blockchain, for donations to various charitable foundations.
Notably, Buterin donated 50 trillion SHIB tokens (with a nominal value of $ 1.2 billion) to the Covid Relief Fund for India, founded by Polygon founder Sandeep Nailwal late last month. According to reports, he also sent about $ 431 million from AKITA to Gitcoin, an Ethereum-based public fundraising platform.
According to the screenshot below, Vitalik has transferred $ 1 billion from SHIB to India Covid-Crypto Relief Fund. For clarity, the coins were worth $ 1 billion at the time of the transfer. Now the Cryptocurrency Assistance Fund in India must sell, convert them (into classic currency or cryptocurrency) in order to be able to use them.
In recent days, the creators of various Memecoins have sent a large number of their tokens to Vitalik Buterin to thank him for creating the Ethereum blockchain on which these same cryptocurrencies are based. CryptoSlate reported on Monday that Vitalik received trillions of SHIB tokens worth over $ 8 billion in one go.
The collapse of prices for MemesCoin
Various cryptocurrencies such as Shiba Inu (SHIB), Dogelon (ELON), Akita Inu (AKITA), mwDOGE (mwDOGE) or even OURSHIB (OSHIB), which were “liquidated” by Vitalik, have experienced a very sharp drop and many today think that these cryptocurrencies will never recover (at least in the short term), and that this will reduce the craze for these highly speculative cryptocurrencies.
The memecoin craze has driven Ethereum user fees skyrocketing, which may have prompted the network’s founder “take revenge“To give blockchain a more structured rhythm.
Thank you @VitalikButerin
One thing we learned from Ethereum and @VitalikButerin importance of the community
We will not do anything that could harm the community, especially the retail community dealing with $ SHIB
We will act responsibly!
Plz don’t worry $ SHIB holders. https://t.co/M4GxTR0JAn
– Sandeep – Polygon (formerly Matic Network) (@sandeepnailwal) May 12, 2021
SHIB has dropped about 38% since Buterin began unloading, but its market cap is still $ 9 billion, according to CoinMarketCap.
Over the past 24 hours, the volume of the coin has exceeded $ 7 billion.
Vitalik begins to discard dog tokens. https://t.co/9R4zwQ6bS3 pic.twitter.com/8C6NeYwd3y
– Larry Cermak (@lawmaster) May 12, 2021
Vitalik’s wealth falls
Vitalik’s net worth increased from $ 20 billion to $ 10.7 billion after this cryptocurrency distribution. There is no doubt that this figure will decrease further as he continues to make remittances and do charity work.
In the end, it is likely that Vitalik’s fortune will be 333,000 ethers, worth about $ 1.4 billion.
Vitalik’s decision to sell his coin memes in droves and cause a collapse in prices turned out to be extremely polarized.
Many people defended Vitalik as a stronghold of the principles of the free market, noting that traders who wanted to make quick money in the markets, “got what they deserve“. More conservative traders are happy to see that over-risk rates don’t always go as planned and that this naturally regulates the market.
– Robin Cryptoast (@RCryptoast) May 12, 2021
On the other hand, a large number of new cryptocurrency traders are furious over Vitalik’s decision, which they see as an act of bad faith (with the coins that are supposed to be “burned,” Vitalik should have respected this).
Traders have lost billions of unrealized profits. One thing is for sure – projects will probably never again use Vitalik’s address as their wallet to burn.