Ethereum founder Vitalik Buterin has often been a vocal crypto proponent, opining on various digital assets besides Ether. Back in May 2021, When Shiba Inu rapidly gained traction and reached a significant userbase, its founding team decided to burn half its supply by gifting them to Buterin. The perception was that Buterin would not sell these assets.
However, the Ethereum founder had other ideas and he ended up donating the entire token supply towards India’s Covid Relief Fund. In an instant, Buterin became one of the largest donators’ toward India’s fight against Covid, as his share of 50 trillion SHIB tokens was worth $1.2 billion on May 12th. Now, the tokens’ from that particular transaction have resurfaced again, but the cause has remained the same.
The CryptoRelief Update.
According to Sandeep Nailwal, Polygon Co-founder and the Relief Fund organizer suggested that they were planning to move $100 worth of USDC back to Vitalik, a sum that was converted from Buterin’s Shiba Inu donation.
Nailwal explained that being an Indian citizen had its fair share of complications when it came to monitoring the Crypto Relief Fund. He added that involved Buterin back in the fold with the donation helped because of the following reason.
Considering fund’s foreign origin and laws of the India, Crypto Relief followed a systematic, controlled & robust approach in disbursing funds mandated to be utilised for India. But being an Indian citizen(NRI), I have to be extra cautious in any of the projects being donated to.
— Sandeep | Polygon 💜 (@sandeepnailwal) January 28, 2022
Now, in the past Buterin has been coy with respect to such processes as mentioned in an earlier article, but the Ethereum founder was more than happy to help this time around. He stated,
CryptoRelief sending $100m of the $SHIBA funds back to me. I plan to personally deploy these funds with the help of science advisors to complement CryptoRelief’s existing excellent work with some higher-risk higher-reward covid science and relief projects worldwide. https://t.co/xvHxzwwdn8
— vitalik.eth (@VitalikButerin) January 28, 2022
Does this approach help Shiba Inu in anyway?
While being optimistic is a trait fairly recognized in Shiba Inu investors, this isn’t a trigger towards another bullish rally. However, it is important to understand that the entire movement started because of the memecoin in the first place. It is a positive bit of development that is often missed out on when describing meme coins’ long-term objective. Shiba Inu’s community is slowly becoming a massive force in the crypto space, and its dev team is extremely active as well.