Shiba Inu Plunges After India's Covid-19 Relief Fund Sells 10 Trillion Coins Worth $85 Million

Shiba Inu, which was recently listed on Binance and Coinbase, saw its price spiral up to 40% in the day's trade and its impressive high came to a screeching halt today after India's Covid-19 relief fund sold the rest of the donations that eventually dragged its price down to double digits.

It is estimated that India's Covid-19 relied fund sold 10 trillion SHIB coins worth $85 million and reports show that the organization has now sold off 100% of all the donations received. The organization has been selling SHIB coins on regular basis and had a balance of 20% which was completely sold off today.

Vitalik Buterin Shiba Inu India Covid19 ReliefFund

To be precise and to the point, the exact number of SHIB tokens transferred by the India Coivid-19 relief fund is 10,139,544,347,612.856421441047582466 and is worth $83,042,868.21.

The transaction fees show as 0.009724802682389892, which is $34.12 and the transfer status shows as ''Success''.

Shiab Inu India Covid19 Relief Fund Transaction

What Is India's Covid-19 Relief Fund & Who Donated It?

Ethereum founder Vitalik Buterin donated $1.5 billion in cryptocurrency on May 12, 2021 to help India fight its second wave of Covid-19 that engulfed the country leaving thousands hospitalized and dead. India at that time saw its positive cases rise to 400,000 per day and the country's health care was at the brink of collapse.

Vitalik had donated four different cryptocurrencies from his holdings to India's Covid-19 relief fund that included Ethereum, Dogecoin, Elon coin and Shiba Inu. Reports state he donated 500 ETH, 50 trillion Shiba Inu, Dogecoin and Elon coins worth $336 million.

As soon as Vitalik donated Shiba Inu coins in May, SHIB the same day fell 35% and has been dipping every time India's Covid-19 relief fund sold the donations in a timely manner since four months.

A major factor that held Shiba Inu from spiraling upwards in price can be arguably connected to the Vitalik's donations. SHIB was always under the 'sell' pressure due to the donations and that has officially come to an end today.

Now that all of the donations are sold off (100%) by the India's Covid-19 relief fund, SHIB remains free in its movement and stands at a pivotal time to move ahead in price.

Shiba Inu at the time of publishing was trading at $0.00000804 and is down -10.76% in the days trade.