As many of you may know, SHIB really kicked off it’s popularity by depositing a huge amount of it into Vitalik Buterin’s wallet. He responded by donating it to several causes, including 50 trillion SHIB to the India Covid Relief Fund. At the time it was worth about $1.14 billion, so a nice little payout, but we all knew there’s no way you can cash nearly that much without tanking the value. As of late July, $20 million worth had been cashed out, with plans for another $20 million in the works.
Today, however, SHIB is at ATH and that 50 trillion is worth $3.35 billion. Not a bad war chest! While it’s still true that India can’t cash it all out at once, the fact that there’s so much liquidity in the SHIB market right now means that they can probably sell some more effectively than they could before.
Excellent work as always Vitalik. It should be noted that he also made donations to life extension and AI projects that will now be able to benefit from the price spike. In a roundabout way, this crazy SHIB surge has done a lot of good for the world.
Edit: as many people commented, this donation has been completely cashed out. Thanks for showing the block explorer u/jazzlike_row ! They still seem to have gotten nearly half a billion out of it, so it was a great service to humanity, and probably won’t hurt with crypto adoption in India either.