Official: Buterin’s SHIB donation to India converted into $76 million in stablecoins

Official: Vitalik Buterin's SHIB donation to India converted into $76 million
Updated: 13 Oct, 2021
3 mins read

On Friday, India’s Crypto Covid Relief account stated on Twitter that it had officially completed the conversion of all Shiba Inu (SHIB) contributions received from Vitalik Buterin into $76.2 million in stablecoins.

The community-run fund that continues to provide assistance in the Covid crisis reported in July that it had paid out 2% of the $1 billion in Indian Covid crypto contributions received at the time.

Now, the total proceeds for converting 10,139,544,347,612 SHIB are 76,215,526.65 USD Coin (USDC), with global market maker Wintermute transferring the amount to the Covid relief funds wallet over the next few hours.

Following the news, the Shiba Inu Twitter account was quick to send its message of support, tweeting:

“Milestone for India, and @CryptoRelief_. Stay strong, India! The #ShibArmy is and will always be with you. A special thank you to @VitalikButerin for making the biggest crypto donation in history, utilizing $SHIB, and to promote efforts in the battle against COVID-19.”

Covid relief fund transparency 

It’s worth noting that Sandeep Nailwal, a New Delhi-based entrepreneur who founded the India Covid Crypto Relief Fund that received the donation stated, cashing out an illiquid asset, complying with government regulations, and remitting funds to the appropriate recipients is not simple.

Buterin’s donation of 50 trillion Shiba Inu coins, or 5% of all the memecoin in circulation, triggered a 50% price drop at the time.

On September 17, the relief fund tweeted that it had transferred the remaining SHIB tokens and that it would continue to share the information as well as providing a summary of all the SHIB tokens converted to date.

Shiba Inu’s growth in popularity

According to the latest statistics presented by Finbold, Shiba Inu gained over 100,000 new holders in only three months, from June 21 to September 21.

Since Shiba Inu’s listing on Coinbase on September 16, the token’s value has skyrocketed, with $870 million invested in the token in just 24 hours alone. 

Following the recent increase in popularity, the Shiba Inu Twitter account tweeted on Monday, September 20, to announce that the account had reached 900,000 followers.

The token competitor to Dogecoin (DOGE), which has a Shiba Inu as its mascot, is currently trading at $0.000007589, up 4.75% in 24 hours, with a market capitalization of $2.99 billion, according to CoinMarketCap.com statistics. 

Shib Inu 7-day price chart. Source: CoinMarketCap.com

After taking a significant hit on Monday, the cryptocurrency market is attempting to stabilize. Overall, it is unclear what impact the remaining conversion of SHIB into USDC will have on the token’s price as it heads into the weekend.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.