Ethereum co-founder, the youngest crypto billionaire Vitalik Buterin revealed that he made an investment of $25.000 in Dogecoin in 2016, and in 2020 he sold the coins for $4.3 M. This means that in 3 years the capital raised by around 8000%.
Vitalik Butein talked about the deal in terms of the Lex Fridman podcast. He said that when the meme coin was founded in 2014, barely anyone took the cryptocurrency seriously. The Ethereum co-founder said the one interesting thing about DOGE was its logo. As stated by
Buterin, at the time of investment, he didn't even have a real motive, but it eventually became one of his profitable investments.
The crypto billionaire noted that the price of DOGE increased due to Tesla CEO Elon Musk's shown interest. Particularly, he recalled being in lockdown at the end of 2020 when the price of the coin saw a 775% growth becoming $0.07 from $0.008. Then Buterin realized that his investment worth a lot, sold the coins, and directed the amount to the non-profit organization GiveDirectly.