In an interview with Lex Fridman, Ethereum co-founder Vitalik Buterin revealed that he spent more than US$4 million of the US$25,000 capital that was used to buy Dogecoin (DOGE) in 2016.
However, he donated the money to a charity.
Dogecoin was born in December 2013 and is eyeing the popularity of the Shiba Inu dog meme.
Buterin described Dogecoin as one of the funniest crypto assets to launch in the crypto ecosystem.
Dogecoin
Billy Markus and Jackson Palmer, founders of Dogecoin.
While he is impressed by the community formed around Dogecoin, Buterin does not have a solid investment argument to base his decision on.
“At first, people didn't take it seriously. I was just thinking how to explain to my mom that I bought Dogecoin for US$25K? The only interesting thing about the asset is the dog logo. But it turned out to be one of my best investments,” explained Vitalik.
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While he says Dogecoin has performed well over the next few years, he admits he was surprised by the speculation due to Elon Musk's interest in the crypto meme.
Cointraffic
Musk's interest in DOGE emerged after the Dogecoin community voted for Musk as the favorite CEO candidate for Dogecoin in 2019, four years after the Dogecoin founder left the project.
In late 2020, Elon Musk started talking about DOGE and the crypto asset's market capitalization skyrocketed to $50 billion, many times over.
Vitalik recalls experiencing the PSBB in Singapore when the DOGE price rose 775 percent from US$0.008 to US$0.07 in one day.
He thought his DOGE investment was worth it.
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“I immediately sold half of DOGE and got US$4.3 million then donated the funds to GiveDirectly. A few hours later, the DOGE price dropped from US$0.07 to US$0.04,” recalls Vitalik.
After selling half of his DOGE at a local high, Vitalik felt like a great trader.
Not long after, the price rose again to US$0.07 and then skyrocketed to US$0.5. If he keeps half of DOGE's stash, the Ethereum founder has an investment of US$20 million.
Despite supporting DOGE at the beginning of its development, Vitalik stressed he did not expect DOGE to capture public interest and emerge as the largest crypto asset by market cap.
“DOGE is becoming a big phenomenon, where many people who know DOGE have never heard of Ethereum. It's something I didn't think would happen."
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