A charity has received $1 billion to Shiba Inu. But there’s a problem, because they don’t sell it that easily. Bummer!
In May of this year, the Ethereum co-founder donated $1 billion of Shiba Inu (SHIB) tokens to India’s Crypto Covid Relief Fund (CCRF). The generous man’s name is Vitalik Buterin and he was apparently in a good mood. But nearly three months later, the fund says they are having trouble cashing out the SHIB tokens. So far, they have only cashed in $20 million.
Charity receives a billion in Shiba Inu
It turns out that it is not so easy to pay out the tokens. That is a problem, because there are major problems in India for which this money can be used. Especially now that corona affects many (poor) people there. After the donation thanked CCRF Buterin profusely for his donation of 50,693,552,078,053 SHIB. “We plan to do a thoughtful liquidation to ensure we meet our COVID relief goals,” CCRF said on Twitter at the time. The nonprofit also said they had decided to slowly convert the donation over time. The tokens are a counterpart to Dogecoin, only more modern.
Difficult to cash in
Bloomberg recently released a report stating that the organizers behind CCRF are having a hard time cashing in on the SHIB tokens. Problems they face include policies in India and the decline in the value of the digital currency. SHIB lost a good 80% in value in the last 90 days. This is partly because this gigantic amount was given away and the noise that this causes. However, the fund indicates that it will continue with their activities, which cannot stop. In the meantime, the organization has already delivered six million meals, partly thanks to this gift.
It’s still sour that you ‘lose’ so much money. For the time being, because the price could go up again.
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