Vitalik Buterin, co-founder of Ethereum Foundation and Bitcoin Magazine, speaks during the TechCrunch Disrupt 2017 in San Francisco, California, U.S., on Monday, Sept. 18, 2017. TechCrunch Disrupt, the world's leading authority in debuting revolutionary startups, gathers the brightest entrepreneurs, investors, hackers, and tech fans for on-stage interviews. Photographer: David Paul Morris/Bloomberg via Getty Images

Ethereum co-founder Vitalik Buretin sends memecoins on bearish run

The success story of several memecoins may have been short-lived after it was discovered that Vitalik Buterin shipped out the portion he was gifted to charity.

Akita Inu (AKITA), ELON, and most notably, SHIB, all declined by 50%, 90%, and 40% respectively according to stats from TradingView.

Eagle-eye crypto holders/traders discovered massive movements emanating from Buretin’s known wallets on Wednesday morning.

Recall that Buretin was gifted 50% of SHIB’s supply in 2020 to reduce the total number in circulation (or as a way of burning it).

He has in turn gifted the tokens to different charitable causes.

Why Buretin’s action is for the greater good

It would have been easy to suggest Vitalik Buretin rugged, at least until it was discovered that he gave out all the tokens to charity.

He donated $1 billion worth of SHIB to India; to aid the country’s fight against COVID-19.

Gitcoin Community Multi-Sig, Methuselah Foundation, MIRI (AI safety org), Charter Cities Institute and India’s crypto relief funds are the organizations that benefitted from Buretin’s remarkable gesture.

Hudson Jameson breaks it down nicely in the tweet below.

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