Ethereum Founder “pumped” 20 million DOGE for Dogecoin Foundation

Ethereum Founder “pumped” 20 million DOGE for Dogecoin Foundation


2022-11-16 01:47:48

Ethereum founder Vitalik Buterin recently showed his support for Dogecoin (DOGE) when he “silently” donated to the project development organization.

Crypto Prince backs DOGE

Over the weekend, Ethereum founder Vitalik Buterin quietly donated another 20 million Dogecoin (DOGE) to the Dogecoin Foundation.

It is unclear how the Dogecoin Foundation will use the donation, though. However, it is worth noting that this is not the first time Vitalik Buterin has “pumped” for this organization. Specifically, in May 2022, after becoming a member of the Dogecoin Foundation advisory board, Buterin once transferred 500 Ethereum (ETH), with an estimated value of more than 1.3 million USD. It is known that at this time, Elon Musk’s representative, Neuralink’s CEO, Jared Birchall also joined the DOGE advisory board.

Basically, the Dogecoin Foundation is a non-profit organization, originally founded in 2014, whose goal is to support core developers and projects that benefit DOGE.

After Ethereum successfully performed the most anticipated The Merge upgrade in September 2022, Vitalik Buterin suggested that Dogecoin should become the next cryptocurrency to switch to the Proof-of-Stake consensus algorithm. (PoS) and pledge support to help the project accomplish this goal.

In fact, even though the expectation of DOGE has not happened yet, it still exists as the second largest Proof-of-Work (PoW) coin in the market (behind Bitcoin).

However, Dogecoin recently experienced a massive bull run in just one week, going from $0.05 to its highest level since February 2022 to nearly $0.16 after electric car mogul Elon’s Twitter purchase. Musk succeeds. But after the social media platform reportedly canceled its plans to introduce a cryptocurrency wallet, the trend has come to a halt.

The same developments related to the collapse of FTX, in the discussion on Twitter, after Elon Musk directly mentioned: “DOGE To The Moon” caused the price of this memecoin to suddenly skyrocket by nearly 10%. However, at the time of writing, DOGE has corrected down again and is trading around $0.087 amid the overall downtrend of the entire market.

DOGE/USDT 1-day chart as of 3:08 PM on 11/14/2022.  (Source: Binance)
DOGE/USDT 1-day chart as of 3:08 PM on 11/14/2022. (Source: Binance)

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