Dogecoin (DOGE), the world’s largest meme coin by market capitalization, has received an unexpected status boost after Ethereum (ETH) founder, Vitalik Buterin, revealed that he holds a significant amount of DOGE tokens. This surprising endorsement has ignited enthusiasm within the crypto community.

Ethereum Founder Admits To HODLing DOGE

From July 24 to 30, the global Ethereum community convened in Tokyo, Japan for the annual Ethereum Development Conference (EDCON). The event brought together hundreds of Ethereum enthusiasts, and developers from around the world to share and discuss the core functionalities of the Ethereum blockchain and the cryptocurrency’s prospects.

Among various interesting highlights were keynote speeches from Buterin and Ethereum co-founder Joseph Lubin. The conference’s most memorable moments occurred when Buterin took the stage wearing a white horse head mask with black details, paired with a traditional dark and loose-fit Japanese kimono garment.

Despite his unexpected attire, the Ethereum founder, scheduled to make a speech on July 30 was easily recognizable and quickly captured the audience’s attention. When the conference attendees inquired about his identity, Buterin revealed himself as a Dogecoin HODLer and dramatically removed his horse mask, eliciting both laughter and excitement from the crowd.

While the Ethereum founder’s humor was well received, the unexpected endorsement of Dogecoin has effectively boosted the status of the popular meme coin. For the past few years, Buterin has shown interest in meme coins, indicating support for the humorous cryptocurrencies while highlighting their importance in contributing to the development of the crypto space.

As the first meme coin ever created, Dogecoin automatically stands out above other meme-based cryptocurrencies. The doggy-themed meme coin holds one of the largest communities in the crypto space, featuring millions of investors and avid supporters.

In 2021, Buterin shared that his 2016 investment of $25,000 in Dogecoin had yielded about $4.3 million in profits. At the time, the Ethereum founder remarked that buying DOGE had been one of the most successful investments he had ever made.

While the exact amount of Dogecoin in Buterin’s crypto portfolio remains uncertain, the Ethereum founder is known to predominantly hold ETH tokens. Arkham Intelligence reports that Buterin currently holds 245,178 ETH, worth $770.3 million.

Dogecoin Experiences Slow Price Growth

Despite Buterin’s endorsement of Dogecoin, the meme-based cryptocurrency is still trading at $0.11. CoinMarketCap reveals that Dogecoin has plummeted by 3.6% in the last 24 hours and declined by 10.21% over the past seven days. Although the meme coin’s performance has been lackluster recently, various analysts remain significantly bullish on Dogecoin.

Crypto analyst, Javon Marks foresees Dogecoin rising from its current price below $0.5 to over $10. The analyst anticipates a 7,200% bull run for the cryptocurrency, underscoring his strong confidence in the future value of the meme coin.