- Ethereum co-founder Vitalik Buterim invested $25,000 in Dogecoin in 2016.
- In 2020, Buterin sold his DOGE for a whopping $4.3 million.
- Also, Buterin credits Elon Musk for the 8,000% DOGE price spike
Buterin shared that he bought $25,000 worth of Dogecoin in 2016. Eventually, he sold his DOGE stash for a whopping $4.3 million late in 2020. This means that Buterin’s investment grew by over 8,000% before he cashed out.
Buterin shared his DOGE experience when he appeared on the Lex Friedman podcast recently. He started off by recounting the history of Dogecoin, how when it was created in 2014 no one took the meme token seriously. Buterin went on to say he even had no good reason to justify spending $25,000 on the token at the time. Vitalik Buterin said,
I just remembered thinking for myself, how am I going to explain to my mum that I just invested $25,000 into Dogecoin… the only interesting thing about this coin is a logo of a dog somewhere. Of course, that was one of the best investments I have ever made.
Buterin went on to credit Elon Musk for the massive shift in DOGE price. Buterin says when Musk first started hyping DOGE at the end of 2020, its price shot up from $0.08 to $0.37 in a day. It was at this point when the ETH founder chose to exit his position.
Since the year started DOGE price spiked up to $0.731578, but also dipped as low as $0.15973. As a result, Buterin is confident that he made the right time to take his profit.
Meanwhile, Elon Musk has continued to influence DOGE price. In fact, the SEC might soon investigate Musk over his DOGE-related activities.