India’s Crypto Covid Relief (CCR) has announced via Twitter that it has successfully converted Vitalik Buterin’s Shiba Inu donation to stablecoins worth $72.2 million.
The CCR, which is a community-run fund, provides assistance in the ongoing health crisis in India. Last July, it announced that it had paid 2% of the $1 billion in Indian crypto contribution that it had received at that time.
As of this writing, the total proceeds for converting 10,139,544,347,,612 SHIB are 76,215,526.65 USDC. Wintermute, a global market maker, helped transfer the amount to the pandemic relief funds wallet over the next few hours.
A significant milestone
“Milestone for India, and @CryptoRelief_ Stay strong, India! The #ShibArmy is and will always be with you. A Special thank you @Vitalik Buterin for making the biggest crypto donation in history, utilizing $SHIB, and to promote efforts in the battle against COVID-19,” the Shiba Inu Twitter account said.
Sandeep Nailwal, the founder of the India CCR has done an impressive job in converting the donated Shiba Inu because of its transparency and compliance. Nailwal has complied with all the government regulations and has remitted funds to the appropriate recipients.
The Ethereum co-founder’s donation of 50 trillion Shiba Inu coins, or 5% of all the meme coins in circulation, has actually caused SHIB’s price to be cut in half.
Shiba Inu’s rise
Based on data, Shiba Inu has gained more than 100,000 new holders in just three months, from June 21 to September 21.
But the real success for Shiba Inu was when it joined Coinbase, which caused its value to rise significantly. In fact, in just 24 hours upon its listing, $870 million worth of investment has been poured into the token.
Shiba Inu not only gained fans from the investing world but also in social media as well. As of September 30, the meme token’s Twitter account had reached 900,000 followers.
Image courtesy of Cointelegraph News/YouTube
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