India’s second wave of Covid-19 earlier this year proved particularly harrowing for the country, leading many international figures to donate huge aid funds. Among them was the co-founder of Ethereum, Vitalik Buterin, who at the time donated trillions of Shiba-Inu coins to aid India.
Early this morning, India’s Crypto-Covid Relief account announced that it had officially converted the last remaining tokens from the donation into stablecoins worth $ 76.2 million.
The total proceeds for the conversion of 10,139,544,347,612 SHIB were $ 76,215,526.65 USD Coin (USDC). The global market maker Wintermute is expected to transfer the amount to the wallets of the Covid relief fund in the next few hours.
The total proceeds for the conversion of 10,139,544,347,612 SHIB are 76,215,526.65 USDC. @ Wintermute_t would transfer the said amount to our ETH wallet in the next few hours.
We have now converted all $ SHIB donations from @VitalikButerin into stable coins.
(3 / x)
– India’s Crypto Covid Relief 🇮🇳 (@CryptoRelief_) September 24, 2021
When the news broke, Shiba Inu’s Twitter account quickly expressed support for the cause and tweeted,
Milestone for India and @CryptoRelief_.
Stay strong India! The #ShibArmy is and always will be with you.
A special thank you to @VitalikButerin for making the largest crypto donation in history, using $ SHIB, and promoting efforts in the fight against COVID-19. https://t.co/VGBimCjcec
– Shib (hibShibtoken) September 24, 2021
Sandeep Nailwal, founder of India Covid Crypto Relief Fund, had previously claimed that disbursing an asset with no liquidity, along with complying with regulations and transferring funds to the appropriate recipients, was a Herculean task.
This wasn’t an easy task for the SHIB network either, as the price of the token had dropped 50% when Buterin transferred the donation. When the coin was created, 50% of the total coin in circulation was donated to Buterin. While donating 10% of the gift to India, the co-founder burned the remaining 90% of the tokens and withdrew almost half of his offer from the market.
At the time, he also urged coin creators not to send large amounts of tokens to individuals or charities without their consent.
In any case, the Dogecoin copycat has been gaining popularity in recent months. In the last three months alone, SHIB has increased its number of owners by 100,000. In addition, the network recently announced that its Twitter followers have reached a massive 900,000 – a sign of its growing community.
Earlier this month, SHIB was listed on top exchanges like Binance.US and Coinbase, which drove its valuation even further north. Within just 24 hours of being listed on Coinbase, $ 870 million was invested in the meme coin.
The rise in valuation was short-lived, however, as SHIB fell over 20% in the past week.