Vitalik Buterin has donated at least US$ 60 million worth of Ethereum (ETH), after dumping massive amounts of three dog-theme coins: SHIBA, AKITA, and DOGELON.
SHIBA Developers Gifted Vitalik The Coins
The SHIBA developers, who are also behind the other dog-theme tokens (AKITA and ELON), had a rather unusual distribution strategy. Presumably, they sent large amounts of SHIB, AKITA, and ELON to Vitalik’s public address. Their idea was to present Buterin as a SHIBA supporter and that a self-made Billionaire like him wouldn’t need them. It seems to have worked as the SHIBA coin soared over 700%.
Shiba Inu’s website stated that the tokens sent were “burned,” so everyone had to buy them on the open market. Despite their plans, it seems Vitalik had a better idea.
Only a few hours later, he sold the tokens in Uniswap in exchange for ETH, selling 660 billion SHIB, 140 billion AKITA, and 43 billion ELON, totalling 15,719 ETH, around US$ 63 million.
Vitalik Sent the Funds to Charity
Vitalik sent the funds in batches to various non-profit organisations, donating the dog-themed tokens and even some of the ETH he made in the sale.
India’s Crypto Covid Relief Fund received 500 ETH and 50 trillion SHIB tokens. The Methuselah Foundation, a non-profit organisation that focuses on making people live longer, received 1,000 ETH and 430 billion ELON tokens, worth US$ 215,000.
The largest batch was sent to Givewell, an American assessment organization, which received 13,292 ETH, around US$ 50 million.
After the move, the three dog-theme coins suffered harsh price drops —around 30% for each— and Vitalik got praised by the crypto community, who called him a role model for everyone in the crypto space.
Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.