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Dogecoin

DOGE and SHIB See Biggest Gains in Top 100 Over Weekend

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Dogecoin (DOGE) and Shiba Inu (SHIB) saw the biggest gains over the weekend as market sentiment appears to have shifted in favor of bullish sentiment.

Following a weekend that finally saw Bitcoin climb well over $45,000. Altcoins DOGE and SHIB appear to have been the biggest benefactors of the market conditions over the weekend. Bitcoin rallied to a nearly three month high, touching $45,300 on Sunday. 

The surge in bullish momentum spilled over to ethereum, which also saw a nearly three month high, hitting $3,195 on Sunday. The total market capitalization increased to $1.8 trillion as bullish buying saw a majority of the top 100 coins increase in value. 

However, the most notable gainers over the weekend saw DOGE and SHIB both climb by double figures. At the time of writing, DOGE has jumped 16%, with SHIB also climbing over double figures, gaining 10.3% in price. 

Source: CoinGecko

DOGE has had a tumultuous run since reaching its all-time high of $0.74 on May 8, 2021. However, following a drawn-out correction, a bounce was expected around the $0.15 support level as previously reported.  

DOGE has seen a combined 43% gain since Friday. Climbing from $0.198 as it surged to Sunday’s high of $0.287. DOGE had previously bounced off of its resistance level at $0.16 on July 20. 

Source: Tradingview

SHIB follows its big brother 

The correlation between DOGE and its baby brother coin, SHIB, was evident over the weekend as the meme token followed the price action of DOGE. SHIB also saw a surge in price since Friday. SHIB jumped from $0.00000613 from Friday, up to $0.00000888 on Sunday. Seeing a 45% gain, similar to that of DOGE. 

Source: Tradingview

The recent price action of DOGE finally has no influence from Tesla CEO Elon Musk. Musk had previously added a profile picture of himself on Twitter with the Dogecoin logo in his sunglasses. DOGE climbed 20% from Musk’s profile update. However, this time the project appears to be climbing without any assistance from the DOGE fan. 

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Ethereum

Buterin’s $1B SHIB donation tricky to cash out, says fund manager

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Just $20 million of the $1 billion in cryptocurrency that Ethereum co-founder Vitalik Buterin donated to a COVID-19 relief fund in India has so far been cashed out and distributed to aid recipients. Figuring out why the process is not as frictionless as crypto users would hope is the focus of a recent interview with the fund’s founder, Sandeep Nailwal. 

Cointelegraph readers will recall that this May, Buterin’s decision to liquidate several of his meme coin positions and donate the proceeds to various charities had prompted panic and admiration in equal helpings.

Panic, firstly, set in among those traders who rushed to lock in their profits amid the price collapses that Buterin’s sell-offs inevitably triggered — specifically in the previously popular tokens Shiba Inu (SHIB) and Dogelon Mars (ELON), which each saw its price drop by over 40%. 

Even among traders, however, there was some recognition that the price dumps affecting these intensely hyped coins would provide some respite from rising transaction costs on the Ethereum network. Moreover, when it transpired that Buterin had donated the proceeds to several charities — Gitcoin, Give Well and India COVID-Crypto Relief Fund — many in the community welcomed the move, particularly as India was in the throes of an unprecedented and deadly wave of COVID-19 infections.

However, a couple of months down the line, the founder of the India COVID-Relief Fund has shared some of the difficulties involved in cashing out Buterin’s generous contribution. So far, just $20 million has been paid out, with a further $20 million planned for the near future. 

The fund’s founder, Sandeep Nailwal, who also co-founded Polygon (formerly Matic), told reporters that some of the delays are due to his caution and desire to ensure the funds reach grassroots organizations transparently — to places they are most urgently needed. To this end, he plans to hire a reputable auditor to help oversee the process as it continues. 

Moreover, due to the price crashes Buterin’s liquidations triggered, the initial $1 billion in value that the 50 trillion Shiba Inu coins represented at the time of their sale soon dwindled by around 50%. Nailwal has estimated their eventual total value is likely to be around $400 million.

Disbursing the funds has also come up against a mountain of red tape, with the requirement to comply with India’s Foreign Contribution Regulation Act as the tokens are converted into dollars and then rupees. Roughly 80% have reportedly been converted thus far.

Related: ‘Crypto for COVID’: Indian neobank aims to feed those affected by pandemic

As they slowly come through, the crypto funds are reportedly being distributed to food distributors nationwide and an organization working on establishing mini-intensive care wards for COVID-19 patients in rural India.

As he continues with this cumbersome process, Naiwal also voiced his fears about the prospect of a third wave of infections in the country, which has already reported an official death toll of over 400,000. Recent reports, however, suggest the real figure could be as high as 4 million.

Prior to meme coins, Buterin had also sent 100 Ether and 100 Maker to Naiwal’s fund, valued at $220,000 and $400,000 at the time, respectively.