Vitalik Buterin Is A Dogecoin Hodler, Says Meme Crypto Has Proved One Of 'Best Investments'

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 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'

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