Billy Markus co-created Dogecoin with software engineer Jackson Palmer in 2013, originally as a joke poking fun at Bitcoin and the emerging crypto market.
However, both men sold all their Dogecoin holdings shortly after launching it. According to insiders, they couldn’t handle the pressure and growing online ridicule. Markus reportedly sold all his Dogecoin for just enough money to buy a used Honda Civic.
While Palmer stepped away from the spotlight, Markus remained an active and positive voice in the Dogecoin community. Then on June 22, amid a severe crypto market crash, Markus revealed he bought Dogecoin again for the first time in years.
“I bought Dogecoin after 8 years of swearing off crypto, just an hour ago,” he shared on Twitter. “I checked the price 7 times. It went up 10%, then back down, now up 3%. Still feels healthy.”
Currently, Dogecoin trades around $0.21. Last month, it peaked above $0.70 after Elon Musk mentioned crypto during his Saturday Night Live hosting gig. The Tesla and SpaceX CEO is one of Dogecoin’s biggest supporters, calling it the potential “internet currency” and even suggesting it could be used on Mars someday.
Of course, Dogecoin’s recent crash reflects the wider crypto market downturn.
Over a third of its value wiped out since last week, it still shows strong annual gains. Back in July 2020, one Dogecoin was worth just $0.01.
Source: Independent
