24 Sep 2021 10:46 AM +00:00

As India's Crypto Covid Relief Fund Converts Its Remaining SHIB, Shiba Inu Community Hopes For Stability

The India Crypto Covid Relief Fund has now converted all of its SHIB, first donated to the fund by Ethereum co-founder Vitalik Buterin in May 2021.

Buterin donated 50 trillion SHIB tokens to the relief fund – worth over $900m on the day of transfer. The memecoin’s value has dropped by 81% since its ATH of $0.0000388 on May 10.

After converting the final 10 trillion SHIB for over $76m, the total proceeds from Buterin’s donation come to around $463m.

Here's how SHIB holders reacted.

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Covid Relief Fund Converts All Remaining SHIB

The initial reaction to Buterin’s donation from the SHIB community was one of celebration. However, opinions soured among many new investors as the price dropped, who hit out at Buterin for abandoning SHIB.

Of course, Buterin never wanted to be involved in SHIB. The Shiba Inu developers sent Buterin nearly half the total SHIB supply as a marketing stunt. After burning 90% of his SHIB, Buterin donated the rest of his remaining SHIB to charity.

As the Covid Relief Fund announced the final SHIB token conversion, there appeared to be a wave of relief in the SHIB community. One user celebrated the end of the “hostage situation” for SHIB.

“The trillions of tokens India had were always looming over SHIB and it was bleeding a lot of $$$ whenever we made even small gains,” another user wrote on r/SHIBArmy. “Now that pressure is gone and we can have more organic growth.”

As one of the largest SHIB holders, the Covid Relief Fund’s divesting of their holdings may improve the SHIB distribution. Indeed, as reported by Finbold, SHIB added 100,000 holders between June and September.

While there is no official confirmation where the donated SHIB ended up, holders pointed out that Wintermute – the company that helped convert the fund’s SHIB into stablecoin – is a liquidity provider that has worked with many of the most popular exchanges.

However, the community reaction did not solely focus on a bullish sentiment. The official SHIB Twitter account celebrated the conversion, thanking Buterin for “making the biggest crypto donation in history” through SHIB.

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As of September 24, SHIB’s price is 0.000007057 – down 5.26% in 24 hours (via CoinMarketCap).

Read More: Shiba Inu Founder: Who Created Shiba Inu?

[Image by Executium via Unsplash]