Ethereum co-founder Vitalik Buterin has revealed that he has made a lot of money on Dogecoin.
Speaking to Lex Fridman’s podcast, he described how he decided to buy $25,000 of the joke cryptocurrency back in 2016 because he liked its community.
Buterin’s main concern appeared to be how he would explain his investment to his mother… given a logo of a dog is the main thing that makes it appealing.
He recalled his excitement when DOGE surged from under $0.01 to $0.07 in the space of 24 hours — and thinking: “Oh my god, my DOGE is worth… like, a lot!”
The crypto inventor went on to sell half of his Dogecoin stash and ended up with a jaw-dropping $4.3 million from coins that were initially worth just $12,500.
Buterin went on to stress that he donated all of the profits to charity.
Although Buterin felt like an “amazing trader” at the time, no one could have predicted that even higher prices were yet to come, with DOGE reaching an all-time high of $0.7376 about a month ago.
If he has continued to hold on to the rest of his coins, he will be sitting on paper profits worth tens of millions of dollars right now.
He told Fridman that he was incredibly surprised at how Dogecoin has managed to seep into the public’s consciousness, adding:
“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.”
Dogecoin was recently given a much-needed boost when it was listed by Coinbase.