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.
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.”
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.