The meme coins have had a fun week, with Burger King’s new offer and other incidents. However, Buterin’s $1B donation to India's Covid-19 relief fund through SHIB tokens has some bad news. Let’s find out more.
Buterin’s $1B Shiba Inu Donation Stuck In Red Tape
India’s COVID crypto relief fund founder, Sandeep Nailwal, has faced difficulties in cashing out the entire $1 billion donated by Ethereum founder Vitalik Buterin in SHIB tokens. Additionally, the $1 billion contributed by Buterin has now dropped in value drastically to $400 million because of the market crash that shook the crypto industry.
Nailwal, who is also the co-founder of Polygon, has so far been able to cash out and channel only $20 million (just 2% of the total amount), calling it a cumbersome process.
“Between cashing out of an illiquid asset, complying with government regulations and getting the money to the right places, it isn’t easy.”
According to India’s Foreign Contribution Regulation Act, the tokens need to be first converted to rupees before being expended. As of now, 80% of the tokens have been converted, according to Nailwal.
Utah Man Offers Discount For Payments In DOGE
From billionaire Elon Musk to a regular American trying to sell his house, Dogecoin fans are everywhere. Scott Paul from Utah has joined the ranks of property sellers who are accepting cryptocurrency payments. In fact, Paul has gone one step ahead to push for his favorite coin by offering a 10% discount on the price of the house for anyone who pays in Dogecoin. Currently priced at $389,000, the discount on the house would be a sizeable amount of almost $40k.
Paul is hoping to do his bit in pushing the meme coin into more mainstream transactions. He believes, like the Tesla Founder, that DOGE could become a viable currency in the future.
“The decision was pretty obvious. I have a house I want to sell, why not push it to the limit to see if I can sell it for DOGE, because we have to keep using this currency if we’re going to get it to mainstream.”
Dogecoin For Dog Treats: Burger King Brazil Launches Offer
Burger King Brazil is showing love to dogs and dog-based meme coins by launching a limited period offer of accepting Dogecoin for Whopper-themed dog treats called Dogpper. Earlier on Tuesday, the company made the offer announcement on Twitter. A direct translation of their statement, which was in Portuguese, says,
“Are you out of Brazilian reals? Buy with DOGE! Burger King is revolutionizing galaxies once again! We are now accepting the much-beloved crypto Dogecoin as payment for DOGPPERS.”
The Dogppers, which was Burger King’s first line of dog treats, was first launched back in 2019. However, this is the first time the company is selling them for cryptocurrency, priced at 3 DOGE (roughly $0.63). Additionally, these meat-flavored bone-shaped treats are also available for Brazilian Reals. The company has also asked customers to limit their Dogpper purchases to five dog treats only to ensure availability.
However, this is not the first time the multinational food chain organization has toyed with cryptocurrency. Their previous dally with crypto happened in 2017 when the Russian division of the company launched the now-defunct Whoppercoin token. No wonder fans keep questioning whether Burger King will ever fully adopt crypto.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.