In his most recent appearance on the Ethereum co-creator Lex Fridman podcast, Vitalik Buterin announced that he made more than $ 4 million in 2016 thanks to a $ 25,000 investment in Dogecoin.
But true to form all donated to charity.
Dogecoin was founded in December 2013 trying to capitalize on the popularity of the Shiba Inu-inspired dog meme, and Vitalik described DOGE as one of the first “fun coins” introduced in the burgeoning crypto asset ecosystem..
Although he was impressed by the community that had formed around DOGE, Vitalik joked about the lack of investment motivation that prompted his decision, saying::
â ???? At first people didn’t take it very seriously […] I remember thinking, how should I explain to my mom that I just invested $ 25,000 in Dogecoin? […] as if the only interesting thing about this coin is a dog’s logo? But of course it was one of the best investments I have ever made.â ????
Even if Buterin explained that DOGE “did very well” in the following years.He remembered being surprised by the speculative frenzy that had aroused Elon Musk’s fascination with currencies.
Musk’s interest in DOGE seemed like one ChooseÂ by the community in 2019, who revealed that SpaceX’s founder was the hypothetical Most Desired CEO of the project in 2019, four years after the founder of Dogecoin left the project.
“By the end of 2020, Elon Musk started talking about Dogecoin and its market cap just skyrocketed to $ 50 billion […] It was shot several times “said Buterin.
Said, that was quarantined in Singapore when the price of DOGE rose 775%, rising from $ 0.008 to $ 0.07 in a single day. He thought: My God, my DOGE is worth a lot!
â ???? I immediately called some of my friends and told them to give it all up and hurry, and I sold half of my DOGE holdings and made $ 4.3 million, donated the proceeds to GiveDirectly and a few hours later I did this the price fell again from about $ 0.07 to $ 0.04. ”
After selling half his DOGE to his local maximum, Vitalik said he felt like “an incredible trader”.until “of course the price rose again from $ 0.04, then to $ 0.07, then to $ 0.50”.
For example, suppose Buterin keeps the remaining 50% of these DOGE stocks, The co-creator of Ethereum would be worth nearly $ 20 million in cryptocurrency right now.
Although the project was supported at a relatively early stage in its development, Buterin stressed that he did not expect Dogecoin to spark the public’s imagination and reappear as a leading crypto asset through capitalization.:
“The fact that DOGE became this great phenomenon, in which there are even a lot of people who have heard of DOGE who have not yet heard of Ethereum, is something that even I did not foresee.”