Ethereum co-founder Vitalik Buterin admitted that the memcoins he donated to charity have increased in price contrary to his own predictions.
Vitalik Buterin responded to a tweet from Frostwork director Nathan Young. The businessman mentioned the non-profit organization Future of Life Institute (FLI), which specializes in research in the field of artificial intelligence (AI). Nathan Young was surprised that donations in SHIB tokens for this organization are estimated at almost $600 million.
FLI was one of the recipients of donations to SHIB from Vitalik Buterin. In May 2021, the co-founder of Ethereum burned 410 trillion SHIB for $7.4 billion, and donated the remaining tokens to charity. The FLI case is similar to the Indian charity CryptoRelief, where Buterin also sent SHIB 50.6 trillion. At that time, the value of the tokens was estimated at $1.2 billion.
“I rushed to send more SHIB tokens to CryptoRelief, thinking that in a few days they would surely collapse by a factor of a hundred. We had to act quickly so that recipients could cash out $10-25 million before the rate dropped. And, of course, SHIB coins significantly exceeded all my expectations,” Buterin wrote.
The Ethereum co-founder had underestimated the memcoin market before. In 2022, he criticized the crypto community's excessive focus on Bored Ape Yacht Club (BAYC) collectible tokens, comparing NFTs to casinos. Buterin lamented that celebrities are making billions from NFTs when the tokens could be used to solve social problems.
Source: Cryptocurrency
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