COVID Fund Lost $1.2B By Selling SHIB Too Early
Crypto News

COVID Fund Lost $1.2B By Selling SHIB Too Early

India's Crypto COVID Relief Fund cashed out a donation of 50 trillion SHIBA INU for $463 million — but at one point this week, that crypto haul would have been worth $1.6 billion.

COVID Fund Lost $1.2B By Selling SHIB Too Early

Table of Contents

Back in May, Ethereum co-founder Vitalik Buterin donated 50 trillion SHIBA INU to help a crypto-focused fund tackling the coronavirus crisis in India. 
At the time, the crypto haul valued at worth a staggering $1 billion — but low trading volumes and the erratic nature of meme coins meant that its value quickly fell. 
SHIBA INU came back into the spotlight last week — and at one point, it had secured gains of 348% in seven days. The surge meant this donation would have been worth $1.6 billion.
Unfortunately, it’s now emerged that India’s Crypto COVID Relief Fund didn’t manage to capitalize on any of this upside — and that all tokens were cashed out for $463 million.

To ensure that the sell-offs didn’t destabilize SHIB prices, they were sold off in seven chunks between May and September.

When asked how the non-profit was feeling about the altcoin’s latest surge, a spokesperson told CoinMarketCap: 

“Well, I would say it's a part of life. The market goes up and down. It was something no one could've predicted.”

And they added: 

“We are sure Crypto Relief will see many more crypto philanthropists who would come forward and donate to the cause. For now, we have our hands full to be able to work on certain sectors and help the nation fight the pandemic.”

Listen to the CoinMarketRecap podcast on Apple PodcastsSpotify and Google Podcasts

A Real Impact

Despite the unfortunate timing, the fund says the crypto donation has gone a long way to supporting those affected by the coronavirus pandemic.

Millions of dollars have been spent on oxygen supplies, addressing vaccine hesitancy, and training medical professionals. 

More than 100,000 immunity booster kits have been distributed among vulnerable groups, 444,000 meals have been given to frontline workers, and the fund has supported UNICEF India in efforts to procure more than 160 million syringes for vaccinations.
18 people liked this article