So this is a big story & a lot of intellects who had their ego hurt by $SHIB are now creating FUD. Let's start with this story - https://www.thestreet.com/crypto/ethereum/vitalik-buterin-gives-1-billion-to-india-covid-relief-after-memecoin-selloff
Vitalik Buterin the co-founder of Ethereum donated nearly 1B $ of $SHIB to the Covid Relief Fund of India.
How did he get this $SHIB - basically all these meme coin creators, put 50% of the Supply to Vitalik Buterin's Ethereum address which is pretty open to anyone to deposit. $SHIB did it first & pretty much every other copycats followed from $AKITA, $ELON etc.
Why did these meme coin creators give him 50%. You can read it here - https://shibatoken.com - but it could be for a number of reasons including trying to get credibility for their project showing a mark of respect to him. So he donated all those free meme coins he got.
That's good for Covid India Relief. The fund started by @0xPolygon cofounder @sandeepnailwal
But why the FUD. So the people who were aggravated by the rise of $SHIB have started flouting this as a rug pull in social media. A rug pull is when a token creator mass sells tokens.
I am not a big supporter of these meme coins as well. Doesn't teach patience or intrinsic use case & value. Could attract more draconian crypto regulations that could be harmful. But at the same time the rug pull FUD is too much. Why? Read Sandeep's tweet.
So Sandeep who runs Polygon ecosystem, assures that they are going to protect the retail community of $SHIB knowing very well, if they mass sold the donated $SHIB it will hurt a lot of Naive new investors. Obviously all meme coins have lost almost 50%.
And that's the importance of risk management that I have been explaining - realizing profits, not jumping into a coin after it has had a massive increase, not putting too much money into such crypto & all that.
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