Vitalik Buterin, co-founder of Ethereum, has donated 20 million Dogecoin (DOGE) to the Dogecoin community. The coin was made as “joke currency” in late 2013. Even though it trades for less than a penny, it is still popular in the cryptocurrency community.
According to data provided by CoinGecko, the value of the cryptocurrency was $0.087 at the time this article was written. The nonprofit organisation has not yet disclosed how they plan to put the money to use in their operations. Buterin has already made significant contributions, so this is not his first one. Previously, the Canadian software developer donated to the charity a total of 500 Ethereum (ETH).
In August of 2017, Ethereum co-founder Vitalik Buterin and Jared Birchall, CEO of Neuralink, became members of the advisory board of the foundation. After the meme cryptocurrency saw a significant surge in popularity, the non-profit organisation, which had been in operation since its inception in 2014, was reintroduced to the public in the preceding year. After Ethereum’s much-anticipated Merge upgrade was successfully executed in September, Buterin made the suggestion that Dogecoin should be the next cryptocurrency to transition to the proof-of-stake consensus mechanism. This came after Ethereum successfully deployed the Merge upgrade.
To this day, the joke cryptocurrency continues to hold its position as the second-largest proof-of-work cryptocurrency (behind only Bitcoin). Elon Musk, the CEO of Tesla, just purchased Twitter, which coincided with a strong surge for the cryptocurrency known as dogecoin. He exclaimed that “the bird is liberated,” which coincided with a sharp increase in the price of dogecoin. Dogecoin might make a comeback, but its success will be highly contingent on Elon Musk maintaining his support for the humour currency. However, this momentum was swiftly lost as it was announced that the social media network had cancelled its ambition to provide a bitcoin wallet in the near future. The price of DOGE has decreased by 88.17% from its all-time high.
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