Vitalik Buterin Dumped His SHIB Tokens, Price Crashed By 30%

Vitalik Buterin dumped his SHIB tokens and put a halt on the meme coin mania, with the price of the token crashing 30% in a few moments as we can see more in our latest altcoin news today.

The Ethereum inventor might have single-handled stopped the meme coin mania as he was the recipient of 50% of the entire supply of SHIB tokens but now Vitalik Buterin dumped his tokens on the market, leading the price to crash by 30%. in a donation spree, Buterin sent his SHIB tokens along with MIRI, AKITA, and ELON to charity foundations and the core developer Hudson Jameson made a list of charity projects that received the donations.

The Gitcoin community, a Web3 based project with a huge number of open-source developers received their AKITA tokens into the Multi-Sig address, and the Methuselah Foundation which is a non-profit organization focused on extending the number lifespan and received all ELON tokens with 1000 ETH. The MIRI organization is an artificial intelligence project with the goal of developing the mathematical theory of trustworthy reasoning for autonomous AI systems as per their official website which received 1050 ETH. The Charter Cities Institute created to improve human life by creating an ecosystem for charter cities which also received 500 ETH.

Vitalik Buterin donated $500,000 in ETH to Polygon’s co-founder Sandeep Naiwal that wanted to help the battel with the Coronavirus in India. He sent the organization 500 ETH and 10% of his SHIB supply which it’s estimated at around $1 billion. The organization confirmed the donation of 50,694,552,078,053 SHIB and stated:

“We plan to do a thoughtful liquidation to ensure we meet our COVID relief goals. We have decided to convert the donation slowly over a period of time.”

Naiwal confirmed that they plan to be responsible for the donations and they plan to use the funds without hurting the SHIB community. He reassured that the SHIB holders have no reasons to worry. The SHIB community members claimed that the donations could be one of the biggest in history and could attract new users into the Shiba Inu ecosystem:

“We are not worried at all. The #SHIBArmy is strong. Today Vitalik Buterin did a lot of moves, and a portion of this involved this donation (can this be the biggest in history? Anyone knows?). The best for $SHIB is yet to come.”