Connect with us

Ethereum

The $1B worth of SHIB Vitalik Buterin Donated by Relief Fund is proving difficult to cash out

Relief Fund Has a Difficult Time Cashing Out the $1B Worth of SHIB Vitalik Buterin Donated

In May, Vitalik Buterin (co-founder of Ethereum) donated $1 billion in shiba-inu tokens (SHIB), to India’s Crypto Covid Relief Fund. Close to three months later, the CCRF organizers say they have been having issues cashing out the SHIB tokens and so far, only $20 million has been paid out.

It’s not easy to cash out SHIB tokens

Roughly two months ago, Vitalik Buterin decided to donate $1 billion worth of shiba inu (SHIB) tokens to India’s Crypto Covid Relief Fund (CCRF). Following the donation, CCRF thanked Buterin for his donation of 50,693,552,078,053 SHIB. “We plan to do a thoughtful liquidation to ensure we meet our COVID relief goals,” CCRF said on Twitter at the time. The non-profit organization also added

We have decided to convert the donation slowly over a period of time.

A recent report published by Bloomberg shows that the organizers behind CCRF are having a hard time cashing the SHIB tokens out. CCRF’s founder, Sandeep Nailwal, who is also the co-founder of Polygon (formerly known as Matic), explained this week that there have been some delays. Nailwal and CCRF have had to deal with a myriad of issues including regulatory policies stemming from India and SHIB’s market decline.

SHIB Loses 83% in 90 Days, Crypto Covid Relief Fund Efforts Continue

When Buterin donated the funds, SHIB was a touch lower than it was 90 days ago when it hit an all-time high (ATH) of $0. 00003791 per unit. Today, SHIB is 83% down from the crypto asset’s ATH and Nailwal explained in his interview that the current stash is worth around $400 million. So far, Nailwal says the nonprofit has been able to cash out around $20 million. Still, despite the three-month drawdown, SHIB is up a whopping 11,215,808.0% over the last eight months.

Pediatric and general Ventilators, Oxygen Concentrators and more found their way to Amritsar and Haryana at an Institute of Medical Research and Sciences via our partnership with @uwbe #CryptoRelief #CryptoVsCovid #IndiaFightsCorona#Covid19IndiaHelp pic.twitter.com/UvOVHg9WIY

— India’s Crypto Covid Relief Fund (@CryptoRelief_) July 21, 2021

Meanwhile, the CCRF organization continues to show its efforts via Twitter, with actions like delivering rations and food kits. It has also collaborated with other organizations like Janman People’s Foundation. Team Khaanachahiye thanked CCRF on July 21 when the organization helped needy families with food donations.

“Thank you Crypto Relief for powering our fight against hunger in the Mumbai Metropolitan Region by supporting 10,000 needy families with grocery kits,” Team Khaanachahiye said. We are very grateful. “Thank You”, the group that delivered more than six million meals.

What do you think about how difficult it is to cash out the shiba inu (SHIB) tokens Vitalik Buterin donated? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

Read More

Continue Reading
Advertisement I show You how To Make Huge Profits In A Short Time With Cryptos!
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Ethereum

Ethereum Price Analysis: ETH Challenges Key Resistance, Is $3.5K Next?

Ethereum is approaching a decisive resistance at the 200-day moving average of $2.7K, signalling a potential bullish shift in market sentiment. A successful breakout above this level could ignite a strong rally, with the price likely targeting the $3.5K threshold in the mid-term.

Technical Analysis

The Daily Chart

ETH is on the verge of a decisive breakout above the critical 200-day moving average at $2.7K, a key level that has historically served as both support and resistance. After a brief consolidation beneath this threshold, the market has regained strength, with renewed buying pressure pushing the price toward a potential breakout.

A confirmed break above the $2.7K resistance would mark a significant shift in market sentiment, signaling the beginning of a broader bullish reversal. In this scenario, Ethereum is likely to target the $3K mark in the near term, with a possible extension toward the $3.5K resistance in the mid-term.

However, if the breakout attempt is rejected, selling pressure may take control, leading to a deeper retracement toward the $2K support region, aligned with the 100-day moving average. This level would then serve as a critical zone for the bulls to regroup.

The 4-Hour Chart

On the lower timeframe, ETH recently consolidated within a bullish continuation wedge pattern. After testing and holding support at the wedge’s lower boundary near $2.3K, the asset went on an impulsive rally, breaking out of the structure.

This breakout reflects a continuation of the bullish trend. Nevertheless, Ethereum now faces a key short-term resistance around the $2.7K swing high. A brief rejection and pullback toward the breakout level could occur, which would serve to validate the breakout before a potential continuation rally toward the $3K and possibly $3.5K levels.

Onchain Analysis

The Binance liquidation heatmap continues to offer key insights into Ethereum’s evolving market dynamics and potential price trajectory. Following a strong upward movement, ETH recently reached the critical $2.7K level, where a dense cluster of liquidation levels was triggered, flushing out leveraged short positions and offloading significant market liquidity.

Historically, in phases of recovery or strong bullish sentiment, markets tend to hunt these liquidity pockets, as smart money and institutional participants trigger forced liquidations to fuel upward momentum.

Currently, Ethereum has reclaimed the $2.5K resistance and is holding above $2.7K, signaling renewed bullish strength. Notably, the heatmap reveals a noticeable void of substantial liquidation levels between the current price and the $3.5K range. This lack of sell-side liquidity indicates reduced resistance ahead, supporting the potential for a continued rally toward the $3.5K threshold in the mid-term.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Read More

Continue Reading

Ethereum

$100K BTC, 8th Time’s the Charm

Last week the crypto market didn’t just ride on bitcoin’s coattails—it ran with it. As bitcoin smashed through the $100,000 mark (again), ethereum, solana, and a host of altcoins followed suit. This editorial is from last week’s edition of the Week in Review newsletter. Subscribe to the weekly newsletter to get the editorial the second [……
Read More

Continue Reading

Ethereum

Ethereum Price Analysis: What Lies Ahead for ETH on its Way to $3K?

Ethereum is showing signs of short-term exhaustion after a strong impulsive rally. Although the buyers have managed to break through major resistance levels, the price is currently stalling around a key structure and could be at risk of a local top if momentum fades.

Technical Analysis

The Daily Chart

ETH has decisively broken above the 100-day moving average, located around the $2,100 area, and is also trying to reclaim the 200-day moving average near the $2,600 mark. Moreover, the RSI is hovering in the overbought territory, signalling that the rally might be overextended in the short term.

Currently, the asset is consolidating just below the lower boundary of the previously broken long-term ascending channel. A daily close above this level would invalidate the idea of a pullback and open the door toward the $3,000 zone, which coincides with a prior supply area. On the downside, the $2,150 zone now acts as solid support and could serve as a potential re-entry point for buyers if the market pulls back.

The 4-Hour Chart

The 4-hour timeframe shows ETH consolidating within a narrow range around the $2,600 level. The price is maintaining its gains following the breakout from a descending channel and a series of bullish imbalances filled along the way.

The RSI has also cooled off, showing a decline in bullish momentum but no immediate signs of bearish divergence. If ETH can break and hold above the $2,600 zone, it may gather enough strength to run toward the key $3,000 resistance level soon.

Onchain Analysis

Exchange netflows remain negative on aggregate, with a recent reading showing a net outflow of over 170K ETH. This indicates a broader trend of accumulation and long-term holding, as coins continue to leave centralized exchanges and move into self-custody. Persistent outflows during a price rally typically support the case for bullish continuation as they reflect a lack of intent to sell.

However, it’s worth noting that this behavior also raises caution, as extreme bullish positioning can lead to sharp corrections if the sentiment becomes too one-sided. Traders should monitor changes in netflows closely, especially if inflows begin to spike around major resistance levels, as that could mark local tops and signal profit-taking.

SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

Read More

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.