Ethereum co-creator, Vitalik Buterin, has revealed he has bagged a $4.3 million profit from the $25,000 he invested in Dogecoin three years ago.
The 27-year-old made the revealation while featuring in Lex Fridman’s podcast; admitting that it was “one of his best investments” he has made.
“At the beginning, people didn’t take it very seriously […] I just remembered thinking to myself, how am I going to explain to my mum that I just invested $25,000 into Dogecoin […] like the only interesting thing about this coin is a logo of a dog somewhere. But of course, that was one of the best investments I have ever made.”
Buterin acknowledged how Elon Musk’s influence helped send the price of Dogecoin to the moon.
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 explained.
He went on to sell 50% of his Dogecoin tokens raking in $4.3 million and donating it all to charity.
“I immediately called up some of my friends and told them to drop everything and scramble, and 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.”
“DOGE becoming this big phenomenon, where there’s even a lot of people that have heard of DOGE that have not heard of Ethereum, is something that even I was not predicting.”
Vitalik Buretin also confessed that he has been caught unaware by the emergence of Dogecoin as one of the major cryptocurrency in the world.