Vitalik Buterin’s $25,000 investment in Dogecoin (DOGE) has resulted in a gain of $4.3 million so far, the Ethereum (ETH) co-creator said in a conversation with Lex Fridman last week.
What Happened: Buterin told Fridman that he remembered investing $25,000 in DOGE around 2016, as first noticed by Cointelegraph. He disclosed that he thought to himself at the time “How am I going to explain to my mom that I just invested $25 000 into [Dogecoin]....the only interesting thing about this coin is that there's you know a logo of a dog somewhere.”
Buterin then said that it ended up being of the “best investments" he's ever made.
See Also: How to Buy Ethereum (ETH)
The Ethereum (ETH) co-creator reminisced that after Tesla Inc (NASDAQ:TSLA) CEO Elon Musk started talking about DOGE its value skyrocketed.
“At the end of 2020, Elon Musk started talking about Dogecoin, and the market cap just shot up to $50 billion [...] It shot up multiple times.”
Buterin said he was in Singapore during the time of a lockdown when DOGE’s value shot up 775% from $0.008 to $0.07 in a single day.
“I sold half of the DOGE and I got $4.3 million, donated the profits to GiveDirectly, and a few hours after I did this the price dropped back from around $0.07 to $0.04,” said Buterin.
Why It Matters: If Buterin has held on to his remaining DOGE holdings, they should be worth nearly $20 million at today’s prices.
See Also: Why Ethereum Co-Founder Sees Elon Musk's Plan For Scaling Dogecoin As Infeasible
DOGE traded 1.29% lower at $0.32 at press time. Since the year began, the Shiba Inu-themed coin has surged 6,602.28% beating Bitcoin (BTC) and Ethereum’s (ETH) 12.85% and 230.01% returns.
BTC traded 1.04% higher at $33,201.56 and ETH traded 1.54% lower at $2,461.92 over 24-hours at press time.
Buterin expressed his love for the meme cryptocurrency in the interview and suggested a collaboration between Ethereum and Dogecoin in order to achieve scalability.
He remarked that a Doge-to-Ethereum bridge would be “amazing.”
Read Next: Ethereum Co-Founder Vitalik Buterin Says Cryptocurrencies Are In A 'Bubble'
Photo by TechCrunch on Flickr
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