Billy Markus is the person who developed Dogecoin alongside software engineer Jackson Palmer in 2013, initially starting as a joke aimed at Bitcoin and the emerging cryptocurrency market.
However, both men sold off all the Dogecoin they held shortly after creating it. According to insiders, they could not withstand the pressure and the increasing ridicule from the internet community. The entire amount of Dogecoin held by Markus was sold for an amount just enough to buy a used Honda Civic.
But while Palmer has retreated into the background, stepping out of the public eye, Markus remains a prominent voice in the Dogecoin community. And yesterday, June 22, amid a severe sell-off and price decline in the cryptocurrency market, Markus announced that he had bought back Dogecoin for the first time after a long hiatus.
“I bought Dogecoin after 8 years of swearing I would never buy cryptocurrency again, one hour ago,” he shared on Twitter. “I checked its price 7 times. The price went up 10% and now it’s back up 3%. Anyway, this still feels healthy.”
At this time, Dogecoin is trading at around $0.21. Last month, Dogecoin was worth over $0.70, reaching its peak on the day Elon Musk made some cryptocurrency-related mentions while hosting Saturday Night Live. The CEO of Tesla and SpaceX is one of Dogecoin’s most prominent supporters, claiming it could become the “currency of the internet” and even suggesting that one day it could be used on Mars.
Of course, the recent collapse in Dogecoin’s value reflects part of the broader cryptocurrency market.
More than a third of its value has been wiped out since last week; however, it is still increasing on an annual accumulation basis. In July 2020, one Dogecoin was only worth $0.01.
Source: Independent