Vitalik Buterin made $4 million from Dogecoin (DOGE) investment

Vitalik Buterin says Eth2 challenge goes beyond technical issues

Meme-based cryptocurrency, Dogecoin (DOGE/USD), has enjoyed a lot of hype in recent months. This has impacted heavily on the price of the token, gaining impressively in the market.

Several early investors of the token have been made millionaires. But it seems one man’s investment has stood out from the rest. Ethereum’s founder, Vitalik Buterin, recently stated that buying DOGE has proven to be one of the best investment decisions he has taken.

Buterin made $4 million from selling half his DOGE tokens

The Ethereum boss stated that he bought $25,000 worth of Dogecoin in 2016 when the crypto asset has not become as popular as it is today. He stated that at the time, he was skeptical about investing in such a crypto asset that doesn’t have any worth of appeal, except the dog logo on the front.

But Dogecoin has surprised many crypto investors, including him, as the digital asset went on a massive upsurge. Buterin said he has sold 50% of his DOGE tokens, making over $4 million as a profit. He also noted that the amount has been donated to GiveDirectly, an East-African charity organization. He stated,

That ended up being one of the best investments I’ve ever made.

Buterin not showing support for meme-based tokens

After the news about Buterin’s investment in Dogecoin broke, some developers of other meme-based tokens sent their coins to his wallet, hoping to promote those tokens as well. Many of the developers sent more than 50% of their tokens’ supply. However, Buterin did not respond as they expected. He burnt a majority of the coins and donated the rest to charity organizations.

Many influencers and social media sensations have championed Dogecoin. But the most notable influence has come from the co-founder of Tesla Inc. Elon Musk. Earlier this week, Coinbase, the largest crypto exchange in the U.S. by market cap, listed the meme-based token on its platform.

The post Vitalik Buterin made $4 million from Dogecoin (DOGE) investment appeared first on Invezz.


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