Ethereum Founder’s Dogecoin Holdings Give Significant Boost to the Meme Coin
Dogecoin (DOGE), the largest meme coin based on market capitalization, has recently gained unexpected recognition following Ethereum (ETH) founder Vitalik Buterin’s revelation of holding a substantial amount of DOGE tokens. This endorsement from Buterin has sparked excitement within the cryptocurrency community.
During the Ethereum Development Conference (EDCON) held in Tokyo, Japan from July 24 to 30, Buterin and Ethereum co-founder Joseph Lubin delivered keynote speeches to hundreds of Ethereum enthusiasts and developers from across the globe. Buterin’s notable appearance at the conference, donning a white horse head mask and a traditional Japanese kimono, captured the audience’s attention.
In a surprising turn of events, Buterin disclosed himself as a Dogecoin HODLer, removing his horse mask during the conference, which elicited both laughter and enthusiasm from the attendees. This unexpected support from Buterin has elevated the status of Dogecoin, the first-ever meme coin, known for its dog-themed branding and a large community of investors and supporters.
Buterin’s interest in meme coins has been evident over the years, with his 2016 investment of $25,000 in Dogecoin resulting in a substantial profit of about $4.3 million. While Buterin’s exact DOGE holdings remain undisclosed, it is known that he predominantly holds ETH tokens, with 245,178 ETH valued at $770.3 million, according to Arkham Intelligence.
Despite Buterin’s backing, Dogecoin’s current trading price stands at $0.11, with a 3.6% decline in the last 24 hours and a 10.21% drop over the past week, as reported by CoinMarketCap. Despite recent price fluctuations, analysts like Javon Marks remain optimistic about Dogecoin’s future, predicting a significant price surge to over $10, reflecting a 7,200% increase.
In conclusion, Buterin’s unexpected support for Dogecoin has brought attention to the meme coin, emphasizing its unique position in the cryptocurrency market. While price fluctuations continue, the community remains hopeful for Dogecoin’s potential growth in the future.
