Vitalik Buterin Silently Donates $5 Million in Ethereum to Ukraine

Key Insights:

• Ethereum creator donated the money two days ago in ETH, amounting to $5 million.
• The use cases of Ethereum even extend to the Metaverse, starting with SHIB: The Metaverse.
• Ethereum’s recent rise implemented a successful rally placing it $800 closer to its all-time high.

Vitalik Buterin’s creation has not only been revolutionary in itself, but its very own creator himself is setting up a precedent for its noble use cases.

In the recent few days, Ethereum has not only shone as an investment vehicle and DeFi base but also as an actual medium of exchange in places where fiat currencies fail to reach.

Vitalik’s Ethereum Donation to Ukraine

In a tweet today, the Aid For Ukraine initiative run by the Ukrainian ministry of Digital Transformation revealed on Twitter that Ethereum’s creator Vitalik Buterin donated almost $2.5 million without making any noise about the same.

Additionally, he donated another $2.5 million to Unchain Fund, a charity project run by blockchain activists for Ukraine’s humanitarian aid.

While the donations in themselves are a big help to the country, they also speak to the faith people have in Ethereum’s liquidity and value.

A cryptocurrency’s adoption is based on the potential it represents in building a long-term ecosystem.

While there are exceptions such as Dogecoin and Shiba Inu, which have witnessed growth thanks to the trend culture, others like Solana, Cardano, etc., are growing because they offer more than just an investment option.

Thus with Ethereum bringing smart contracts to the crypto world, it has already established itself as a pioneer of Decentralized Finance (DeFi).

In February 2021, the chain was dominating 93% of the DeFi market, but the arrival of other chains cut it down almost by half. However, even now, the chain has 54.5% of the market captured, with over $120 billion invested in all of its 456 protocols.

But the chain is seeing more preference as a medium of exchange nowadays, with merchants and stores worldwide accepting it as payment. And the buck doesn’t stop just at the stores, as Shiba Inu even incorporated it as a payment system for its Metaverse.

For selling its plots of land, the meme coin network announced instead of using SHIB, they would be using ETH since it is less susceptible to price crashes due to sudden volume dump.

Thus, eventually, Ethereum will see more preference as a medium of exchange as the Metaverse expands and crypto becomes a legitimate currency system.

ETH on the Charts

Whether or not the donation news had any effect on the price is unclear since after rising by almost 3% earlier in the day, the altcoin king is down by nearly 2% on the 4-hour chart.

But ETH will bounce back since it is trading right at the cusp of the 38.2% Fibonacci level, which has proved to be a critical support and resistance level in the past.

Testing it as support once again will give Ethereum the right bounce it needs to rise further upwards towards its all-time high.