Did Vitalik Buterin Just Killed Meme Coins? ETH Co-founder Donates $1 B Worth of $SHIBA to Indian Crypto Relief Fund

Ethereum Co-founder Vitalik Buterin is all over the news for donating more than $1 Billion worth of Shiba Inu (SHIBA) coins to Indian crypto relief fund. The Meme Coin $SHIBA has already dropped by more than 30% and crypto believers are speculating this may be end of meme coin craze.

Is Vitalik the Shiba Inu (SHIBA) killer?

In a recent transaction Vitalik Buterin has shocked the crypto community by donating more than $1 Billion worth of Shiba Inu (SHIBA) coins to Indian crypto relief fund. Meme coin craze fueled by surge in price of Dogecoin copycats like Shiba, Dogelon etc. surging in prices.

Dogecoin price reached an all time high of $0.7 recently and is trading at a market cap of $77 Billion. The spike in price of Dogecoin were effects of SpaceX accepting Dogecoin as a payment. Elon Musk has popularized the meme coin cryptocurrency and is often found tweeting about it.

Following the success of Dogecoin, another meme coin Shiba Inu (SHIBA) rose by more than 1500% in price within one week and was also listed by prominent exchanges like Okex and Binance.

Meanwhile, SHIBA price has dropped by more than 30% following the news of Vitalik’s transaction. As meme coins are totally social media driven phenomenon it will be interesting to know how other whales will react to Vitalik’s transfer. In the short term it seems Vitalik has dumped the cryptocurrency while long term will depend on other whales.

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Achal Arya

Achal Arya is a digital product designer and an entrepreneur. He did his masters degree in design from IIT Hyderabad and has a bachelors degree in Computer Science. He works in the Web3 domain and manages new developments at CoinGape. Follow him on X at @arya_achal or reach him at achal[at]coingape.com.