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Billionaire founder of Ethereum, Vitalik Buterin, made some decisions yesterday that contributed heavily to the recent market crash. Buterin did the unexpected when he began selling some of the ERC20 meme coins sent to his wallet by some aspiring projects to get “burnt.”
The crypto founder donated a whopping $1 billion worth of his Shiba Inu holdings to India’s Crypto COVID Relief Fund, founded by Sandeep Nailwal, co-founder of Polygon, a second layer protocol for Ethereum. Buterin, reportedly, also donated $3 million in Dogecoin to this same charity organization last week.
The SHIB donation by Buterin is now the largest to come from any cryptocurrency personality towards COVID relief around the world, dwarfing donations from Justin Sun and Balaji Srinivasan.
However, the announcement sparked a bearish descent in SHIB and other cryptocurrencies across the market, with members of the crypto community calling the move a low blow to retail traders.
More Charity Donations from the Ethereum Founder
Buterin did not stop at the SHIB donation but went on to dump chunks of other meme coins in his wallet to raise money for some other charity organizations. His transaction record shows that he also donated about 14,000 ETH ($56 million) to Givewell, a non-profit institution that rates charities worldwide and shares donations based on its ratings.
Buterin made significant contributions to Gitcoin, known for funding open-source software projects, and the Machine Intelligence Research Institute.
However, after the founder of Ethereum offloaded many of the meme coins sent to his wallet, more donations from other meme coins flooded his crypto wallet, indicating that this new way of launching cryptocurrency projects could persist.
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