Biotech startup PopVax, based in Hyderabad, has initiated human trials for a new COVID-19 vaccine. The first two volunteers were dosed in Melbourne, Australia, on August 31. The program received $20 million in funding from the Gates Foundation and Balvi, a science fund established by Ethereum co-founder Vitalik Buterin.
The capital provided by Balvi originated from Shiba Inu tokens sent to Buterin in May 2021 without his prior consent. Buterin received half of the total SHIB supply, subsequently burning 90% of the tokens and donating the remainder to COVID-19 relief efforts in India. The Balvi fund was established using these proceeds.
PopVax founder Soham Sankaran stated that the vaccine technology will become open-source upon the conclusion of Phase I trials. This approach allows scientists and manufacturers globally to utilize and adapt the vaccine without intellectual property restrictions. Buterin has publicly endorsed the project via his social media channels.
While the funds from the meme coin support scientific research, the SHIB token itself faces market volatility. The asset declined by 4.33% over a 24-hour period and by 9.64% over the past seven days. The Shiba Inu team attributes the recent price pressure to forced selling and high leverage within the broader cryptocurrency market.
