Cryptocurrency

Vitalik Buterin Makes $4.3 Million From His DOGE Investment, Thanks to Elon Musk

The Canadian-Russian programmer and co-founder of Ethereum at the age of 19 become the youngest crypto billionaire in the world at the age of 27 in May.

With the recent spike in the value of Dogecoin after the SNL appearance and tweets from Elon Musk, Buterin made more than $4 million. The founder of ETH announced that he put about $25,000 into the meme coin in 2016 and sold about half of his holding in the previous May, which made him about $4.3 million altogether, which he donated to a non-profit organization, GiveDirectly.

The new market phenomenon in the crypto market named the “Musk Effect” – which started when Elon Musk, the Tesla CEO, changed his Twitter bio to “Bitcoin” in January, which saw the price of BTC rise over 18% in about 7 hours as well as his Dogecoin promotion tweet that made the price of DOGE increase more than 100% – has illustrated the substantial effect Musk has on the crypto markets through his Twitter activity.

Vitalik Buterin, who worked jointly in founding the Bitcoin Magazine, first introduced Ethereum in 2013 in a white paper. The project was crowdfunded in 2014 and went live in July 2015. Vitalik Buterin claimed that Bitcoin and the entire blockchain technology could profit from other apps aside money, and it needed a scripting programming language for the development of apps that could help in attaching real-world assets like property and stocks to the blockchain.

Ethereum has risen to the second largest crypto in the market by value, and it is just a bit less than half of BTC’s market capitalization. Currently, Buterin holds about 330,500 ETH in his wallet, and he became the young crypto billionaire known at the age of 27 in May when ETH was trading at roughly $3,500.

Currently, the price of ETH is ranging around $2,400 after dropping about 2.4% in the previous 24 hours and about 50% lower than the all-time high of $4,300 recorded in May, with the prediction from analysts aiming at $5,000.

With the launch of the network upgrade tagged “Serenity or ETH 2.0,” – a new upgrade aimed at enhancing the efficiency, scalability, and speed of the Ethereum blockchain so that it can facilitate more transactions per time and reduce the fees charged for each transaction – observers have predicted that the price of Ethereum will rise again aiming for new highs.

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