Vitalik Buterin earned $ 4.3 million thanks to DOGE
In a recent appearance on Lex Friedman’s podcast, Ethereum co-creator Vitalik Buterin revealed that he received over $ 4 million from a $ 25,000 investment in Dogecoin. But he donated all this to charity.
Dogecoin was created in December 2013 and aimed to capitalize on the popularity of the then popular meme. Vitalik then described DOGE as one of the first “fun coins” launched into the burgeoning crypto asset space.
Although Buterin was impressed by the community that had formed around DOGE, he was worried about how he would be able to explain to his relatives his decision to invest $ 25,000 in this cryptocurrency. He subsequently stated that it was one of the best investments he has ever made.
The creator of Ether recalled that he was caught off guard by the speculative frenzy that arose around the meme coin due to the interest of Elon Musk.
“At the end of 2020, Elon Musk started talking about Dogecoin, and the market cap grew to $ 50 billions … and many times over,” Buterin said.
He revealed that when the price of DOGE jumped 775% from $ 0.008 to $ 0.07 in one day, he was quarantined in Singapore:
“I immediately called some friends and told them to drop everything and start fighting. I sold half of DOGE and got $ 4.3 million. I donated the profit to GiveDirectly. And a few hours after I did it, the price dropped from about $0.07 to $0.04.”
Assuming Buterin kept the remaining 50% of his DOGE, the Ethereum co-creator currently holds a token worth about $20 million.
Buterin stressed that he did not expect Dogecoin to capture the imagination of the majority and become the leading crypto asset in capitalization again.