In a recent appearance on Lex Friedman’s podcast, Ethereum co – founder Vitalik Buterin revealed that he received over $ 4 million in return on the $ 25,000 investment he made in Dogecoin (DOGE) during 2016.
But when it comes to looks, he donated everything to charity.
Created in December 2013, Dogecoin aims to capitalize on the popularity of the dog meme, inspired by the then popular Shiba Inu, and Buterin described DOGE as one of the first “fun coins” launched in the growing ecosystem of crypto assets.
While Buterin is impressed with the society that was formed around DOGE, he joked about the lack of an investment dissertation that explained his decision and said:
“At first people did not take it seriously […] I just remembered to think to myself, ‘How do I explain to my mother that I just invested $ 25,000 in Dogecoin? »» «[…] The only interesting thing about this coin is the logo of a dog somewhere. But of course it was one of the best investments I have ever made. ”
Although Buterin stated that DOGE “was very good” in the years that followed, he does not forget that he was surprised by the speculative madness caused by Elon Musk’s fascination with the meme coin.
Musk’s interest in DOGE seems to have increased after a 2019 community vote revealed that the SpaceX founder is the most sought-after virtual CEO of the project in 2019 – four years after the Dogecoin founder left the project.
“At the end of 2020, Elon Musk started talking about Dogecoin, and the market value grew to $ 50 billion dollars […] and grew several times,” Buterin said.
He revealed that it was closed in Singapore when the price of DOGE rose 775% from $ 0.008 to $ 0.07 in one day and thought: “My God, my DOGE is worth so much!”
“I immediately called some of my friends and asked them to drop everything and hurry up, sell half of DOGE, get $ 4.3 million, donate profits to GiveDirect, and in a matter of hours the price dropped from around $ 0.07 to $ 0.04. ”
Selling half of his DOGE at the local top, Buterin said he felt “a big trader” to, “of course, the price climbed back from $ 0.04, then to $ 0.07, then to $ 0.50.”
Assuming Buterin owns the remaining 50% of this DOGE cache, one of the creators of Ethereum is currently collecting around $ 20 million in dog tokens.
Despite supporting the project at a relatively early stage of development, Buterin emphasized that he did not expect Dogecoin to capture the imagination of the majority and become a leading cryptocurrency again through capitalization:
“DOGE is becoming such a big phenomenon that there are a lot of people who have heard of DOGE and have not heard of Ethereum, something I did not even expect.”