The co-founder of Ethereum, Vitalik Buterin, has shown immense generosity towards the crisis in India resulting from the current pandemic. Vitalik Buterin’s donation is said to have exceeded the aid that has been provided by foreign governments as well.
The Ethereum founder reportedly announced on Wednesday that he had transferred over 50 trillion Shiba Inu coins along with many other crypto tokens, which were worth 1.2 billion USD altogether. His donation went directly to the India covid crypto relief fund.
India’s situation in regards to Covid 19 hasn’t seen much improvement. Instead, the current wave has enveloped the country, and cases continue to rise. The daily average Covid19 cases reported over the last week were 380’000, and the number of average deaths per day was 4,000.
Hospitals across the country are devastated and continue to face devastation due to lack of oxygen and Remdesivir. In efforts to support the crippling healthcare system, The India Covid Crypto Relief Fund previously donated $1.4 Million worth supplied during April and May. As the company’s website states, their aim is to provide ‘healthcare and essentials for those struggling to survive against Covid 19’. Thanks to donations coming from renowned individuals such as Vitalik Buterin, the company has been able to provide many people with new lives.
Critics dismiss meme coins after Buterin’s donation
Many critics have raised questions regarding the donation, stating that digital currencies have no underlying value and may not benefit people much. In fact, critics have been dismissing meme coins for a while now, and the criticism can be seen on platforms such as TikTok & Reddit. The common ideology of critics is that not only does the currency have no underlying value, but its uses are also extremely limited.
The most commonly used crypto coin at the moment is Ethereum, which uses blockchain technology. Though Bitcoin has the highest market share, it is treated more as a commodity and less as a currency. Hence, people use ETH to purchase and sell on a more regular basis.
The major questions that have arisen after Vitalik Buterin’s donation are when the donation can be converted to covid relief supplies and how soon the funds will be deployed. For once, people are eager to see crypto coins make a difference in the world and come into brighter light; after all, many critics have claimed that crypto coins are nothing but a chance for people to get away with illegal activities.
Buterin’s donation rocks the market
Though Buterin’s donation was seen as a generous act by most of the world, it had a huge impact on the crypto market. The total amount of Shiba Inu coins or ‘SHIB’ donated were 10% of the entire coins’ availability. After being donated, SHIB’s price crashed 33%. As a result, $4 Billion of the coin’s market cap was wiped out, bringing its market cap down to $7.6 Billion.
Similarly, Buterin donated 500 ETH (Ethereum coins) as well, and only within 24 hours of his donation, the value of ETH dropped down 10%. Despite the rocking market, Buterin’s donation remains generous and will be of great use to those suffering in India due to the ongoing wave of Covid’19.