- Buterin made his donation with ETH, Dogecoin, and Shiba Inu.
- The Shiba collapse was up to 36% after reaching its all-time high.
Vitalik Buterin, the crypto billionaire and co-founder of Ethereum, has given much of his money to philanthropy to fight COVID. This tycoon donated around $1.2 billion in Ethereum and Dogecoin for the people in India most affected by the disease. Buterin is known for his donations to COVID and other causes globally.
However, the value of the donated cryptocurrencies declined immediately after the announcement was made.
Buterin and his donation in Ethereum
Last Wednesday, Buterin, co-founder of Ether technology, announced that he had given around $1.5 billion to some organizations. These non-profit companies have stability in the Ethereum cryptocurrency, and therefore, they were taken as a priority.
But, around $1.2 billion of that donation went with the Shiba Inu coin similar to Dogecoin. This cryptocurrency has a blockchain very similar to the digital meme currency, only with a lower value.
According to some reports, Buterin gave 50 billion Shiba Inu tokens to the Covid-Crypto fund of India. This relief fund was created by Sandeep Nailwal, a technology entrepreneur in the country. The money is expected to be used to buy supplies and improve the service against the disease.
Buterin is the youngest billionaire globally; at just 27 years old, he has made a massive fortune from Ethereum technology. The young man also donated ELON coins which have also gained popularity in recent months.
Shiba Inu crash alongside Ethereum
When Buterin donated ETH and Shiba Inu to the relief fund, the cryptocurrencies plummeted to 36%. Akita Inu, another new cryptocurrency, had a boost in recent days but then fell to 50%. All these figures imply that the donation was not for the amount expected; it was actually less.
Buterin, like other Ether investors, is prone to these declines in the crypto market. Although ETH dropped on its chart, it may recover its capitalization in the coming days. If the donation is not used in advance, the relief fund could profit from this rise in the market.
The market trend went down after the SNL show with Elon Musk, Tesla CEO, which affected DOGE and other cryptocurrencies. Ethereum has remained in its low range for now, but an increase in price is expected in the coming days. The relief fund in India must wait for this rise in capitalization for Buterin’s donation to be worth the initial amount.
Ethereum traders are also affected by this measure, although it will not last forever. ETH is a volatile currency, like Bitcoin, and these bullish or bearish movements are common in the market.