Billy Markus, a celebrated co-founder of dogecoin recently revealed via Twitter that he bought into the meme-inspired cryptocurrency “after 8 years of vowing never to buy digital assets again.”
I bought dogecoin after 8 years of vowing never to buy crypto again, an hour ago.
I have checked the price 7 times so far since then. I was up 10% and now it’s back to up 3%.
Anyway, this seems healthy.
— Shibetoshi Nakamoto (@BillyM2k) June 22, 2021
The dogecoin founder’s tweet came at a time crypto assets were suffering a lot of selling pressures, most especially the meme coin losing a substantial amount of its value after hitting an all-time high above $0.70 in the month of May.
At the time of writing this report, the crypto asset, recorded intense buying pressures as it traded around $0.23, posting daily gains of more than 11% for the day amid selling pressures notably seen in many leading altcoins. The sixth most valuable crypto asset by market value is currently worth about $30.3 billion.
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Adding support to its present bullish trend is Elon Musk’s recent response to a comment made by dogecoin’s core developer, Ross Nicoll, saying a new fee reduction is “an important improvement.”
What you should know
- The meme coin is a type of crypto asset that is decentralized and supports peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”
- It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.
- Dogecoin was created by Billy Markus an American entrepreneur and an Australian identified as Jackson Palmer. It was forked from Litecoin about eight years ago.
- The meme coin is solely used as a tipping system on popular social media platforms like Twitter and Reddit in order to reward the creation or sharing of quality content.