Vitalik Buterin donates $1 billion in ETH to Dogecoin Foundation
Although Buterin has not publicised the move, it is considered to be a part of wider efforts to further develop the Dogecoin
By Shashank Bhardwaj
Vitalik Buterin, founder, Ethereum
Image: Michael Ciaglo/ Getty images via AFP
Vitalik Buterin, the founder of Ethereum, has secretly donated 500 Ether tokens to the Dogecoin Foundation. The donated coins are estimated to be worth $1 million. The news of Buterin's donation was shared on Twitter by Dogecoin investor Matt Wallace, and a transaction to this effect was recorded on Ethereum's network, as shown on Etherscan.io.
The 28-year-old crypto billionaire's donation comes at a critical time for the crypto community, which is still reeling from the ramifications of the Terra Luna crash. The Dogecoin Foundation, which was originally founded in 2014, was relaunched in August 2021 after DOGE exploded in popularity and value.
Even though he has not publicly commented about the donation, it is worth noting that Buterin has been involved with Dogecoin since last year, and he serves on the Foundation's advisory board.
In a blog post in December 2021, the Dogecoin Foundation announced that it was “working with Vitalik (Founder of the Ethereum blockchain) on crafting a uniquely Doge proposal for a ‘Community Staking’ version of PoS that will allow everyone, not just the big players to participate in a way that rewards them for their contribution to running the network, and at the same time gives back to the whole community through charitable causes”.
David Gokhshtein, the founder of Gokhshtein Media, also took to Twitter to discuss his expectations concerning Vitalik Buterin and Dogecoin.
“Ready for VB to simply come out and say that he’s engaged on some dope sh*t to assist take $DOGE to the subsequent degree.” — David Gokhshtein (@davidgokhshtein) May 16, 2022.
In the past, Buterin had donated $1 billion worth of Shiba Inu (SHIB) coins to help overcome the Covid-19 crisis in India. As of press time, Dogecoin is the 10th largest cryptocurrency, trading at $0.09.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash