Ethereum network pioneer Vitalik Buterin sent about 50.7 trillion Shiba Inu to an Indian Covid-Crypto Relief Fund, reports the Wall Street Journal. The amount, then more than $1 billion, follows another $2 million of ether that Buterin transferred to the same fund.
In existence for less than a year, Shiba Inu or $SHIB, a meme coin has gained popularity recently with its value changing rapidly.
Shiba Inu plunged 35% upon the transfer, underlining its exceptional volatility.
Shiba Inu creators intended to make it less expensive than dogecoin with its total supply as of May 10 estimated to be one quadrillion.
27 years, Mr. Buterin was an early champion of bitcoin before conceiving the Ethereum network in 2015.
Shiba Inu is currently gaining. SHIBUSD is up 8.73%.
