Vitalik Buterin, one of the co-founders of the cryptocurrency Ethereum, has donated over $1 billion to a Covid relief fund in India.
Buterin donated more than 50 trillion Shiba Inu coins on May 12 to India Covid Relief Fund set up by Indian tech entrepreneur Sandeep Nailwal. Earlier in April, Buterin donated about $600,000 in Ethereum and Maker (MKR) tokens to the fund.
The transaction, however, sparked panic among some investors as they fear a huge liquidation, leading to an over 35% drop in SHIB’s price in the past 24 hours. Although, Sandeep Nailwal relieved meme-coin-investors saying the fund will act responsibly.