Vitalik Buterin has sent massive quantities of “meme coins” that were gifted to him to several charities. Buterin has sent 13,292 ETH worth $54 million, at the time of the transaction, to Givewell, a non-profit organization that evaluates the effectiveness of charities. He sent approximately $336 million worth of ELON to the Methuselah Foundation, a non-profit dedicated to tissue engineering and making “90 the new 50 by 2030.”
He gave another 1050 ETH worth over $4.2 million to the AI Safety Organization. Next, he sent 500 ETH and over 50 trillion SHIB worth around $1.14 billion at the time of the transaction to the India Covid-Crypto Relief Fund.
In total, Buterin gave away over $1.5 billion in crypto donations. While the move was exceptionally generous, these transactions caused some of these meme coines to plummet in value and some questioned if he had an ulterior motive.
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The coins he sold off and sent to charity include Shiba Inu (SHIB), Dogelon (ELON) and Akita Inu (AKITA). These coins are new to the ethereum network and have attempted to mimic the rise that Dogecoin (DOGE) has recently experienced.
The creators of these tokens had sent large quantities to Buterin in hopes that he would hold them. At one point, it was reported that trillions of SHIB worth over $8 billion had been sent to him.
Some have suggested that Buterin’s motive could have been brought on by the level of congestion that these new meme coins had caused on the ethereum blockchain, leading to an increase in fees and lack of usability for more serious projects.
This story is developing.