Vitalik Buterin, the co-founder of the Ethereum crypto network, has donated 500 coins and over 50 trillion SHIB meme coin worth around $1.14 billion to the India Covid-Crypto Relief Fund, as the country grapples with the lethal second wave of the pandemic.

Sandeep Nailwal, the man behind India Covid-Crypto Relief Fund, said in a tweet late on Wednesday that they will not “do anything which hurts any community specially the retail community involved with $SHIB”.

“Plz don’t worry $SHIB holders,” he said as the meme coin transaction created panic among some investors.

The SHIB meme coin fell more than 35 per cent after the donation.

The meme coin has garnered billions of dollars worth of investment in recent days, reports TechCrunch.

“A number of entrepreneurs including Balaji Srinivasan have donated to the India Crypto Relief Fund, which maintains a log of all the donations,” the report mentioned.

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