Billy Markus, one of the co-creators of the meme-inspired cryptocurrency Dogecoin (DOGE), has on social media revealed that “after 8 years of vowing never to buy crypto again” he decided to invest in the cryptocurrency he helped create.
Markus’ tweet came after a wide cryptocurrency market crash that affect most top cryptoassets and was especially severe on Dogecoin, which last month hit a new all-time high above $070 and is now trading at $0.21.
Interest in the cryptocurrency peaked after Tesla CEO Elon Musk hosted “Saturday Night Live” and said during the show the cryptocurrency was “a hustle.” Musk has often tweeted about DOGE and helped spur interest in the cryptocurrency. At one point, he even clarified Dogecoin “has no formal organization & no one reports to me, so my ability to take action is limited,” while responding to a user who said he was actively marketing the cryptocurrency and treating it as “one of his own companies.”.
The entrepreneur has been actively promoting it over the last few months, to the point he has been called the CEO of Dogecoin and the ‘Dogefather’. Musk has engaged with DOGE’s developers to try and keep the cryptocurrency’s development progressing, and at one point even tweeted a poll asking his followers whether Tesla should accept DOGE as a payment method.
More recently, the electric car maker’s CEO responded to a tweet from one of the cryptocurrency’s core developers, Ross Nicoll, saying a new fee reduction is “an important improvement.”
Dogecoin’s crash from $0.70 to $0.21 came as the wider crypto market crash as well. The meme-inspired cryptocurrency is up over 5,000% year-to-date partly thanks to celebrities like Musk, Kiss singer Gene Simmons, billionaire Mark Cuban, Snoop Dogg, and others tweeting jokes about it, fuelling its growth.
Looking at its price chart, a pseudonymous cryptocurrency analyst and bitcoin bull has predicted that the price of Dogecoin is “programmed” to plunge to $0.05 and that even Tesla CEO Elon Musk would be unable to save it. His prediction is based on a head and shoulders chart pattern.
Dogecoin was created back in 2013 as a joke. The cryptocurrency’s community is well-known for taking on philanthropic projects, which included helping charitable organizations. It made headlines in 2014 after raising more than $25,000 worth of DOGE to let the Jamaican bobsleigh team attend the Winter Olympics in Sochi.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured image via Unsplash
