Vitalik Buterin Donates $1M Worth ETH To Back Dogecoin

• Dogecoin slid down to its ATL at the $0.07 zone.
• Elon Musk calls Dogecoin a “potential currency”.

Dogecoin and Shiba Inu are entering into dreadful red zones following the LUNA disaster. Joining the line of dogecoin supporters like Elon Musk and Shark Tank investor Mark Cuban, Vitalik Buterin, the creator of Ethereum, has donated over $ 1 million worth of ETH to the Dogecoin Foundation. 

Famous Crypto Youtuber Matt Wallace updated this news in the following tweet.

Dogecoin developers have pinned their hopes on the Ethereum creator for the project’s transition from PoW to PoS consensus. In February, through a famous crypto podcast interview,  Buterin confirmed that he will help in the migration of Dogecoin onto PoS. Additionally, he accepted the developers’ request of conferring community staking to the network through ETH 2.0 aka ‘the Merge’.

DOGE Bears Awakened

Dogecoin, the top trending memecoin, is preparing to fall into its bloodbath. The disastrous LUNA crash has not yet calmed down. The reign of top memecoins such as DOGE and Shiba Inu is experiencing free-fall dominated by bears. 

As per the data from CMC, DOGE hit its all-time low of $0.07004 USD on Thursday. SHIB is trading at $0.00001206 USD at the time of writing. The trading volume declined by 22.36% to $648,257,772 USD in the last 24 hours.

Tesla campaigned for DOGE by deploying it as an effective payment option. It allowed customers to purchase certain products such as S3XY Mug and Cybertruck Beanie. In January 2022, Tesla enabled DOGE payouts at Santa Monica Superchargers, a boost station. 

In early May, Mark Cuban, owner of NBA team Dallas Mavericks, tweeted a suggestion of deploying dogecoin to eliminate the crypto bots on Twitter. Even Elon Musk welcomed this suggestion, but no official plan was developed on this. He aids to boost up the use cases for the plummeting memecoin.  

Musk’s upcoming mission DOGE-1 astonished the crypto world by being the first mission paid with Dogecoin. The “Dogefather” continues to support his favorite memecoin despite its ongoing free-fall.