DOGE Plunges 9% As Creator Reveals How Much He Holds In This Cryptocurrency

Billy Markus, creator of popular cryptocurrency Dogecoin (DOGE) has disclosed his holding in this cryptocurrency. Via his Twitter account under the user Shibetoshi Nakamoto, Markus addressed his role on the project and replied to questions made by other users.

Related Reading | Tesla To Accept Dogecoin For Merchandise, Token Soars 30%

Markus and Jackson Palmer co-created DOGE back in 2013 as a parody to Bitcoin. Since its inception the cryptocurrency has gained popularity and hence increased its value from well below the $0.010 to an all-time high north of $0.70 providing many earlier supporters of this project, and those that hype in due to Elon Musk’s tweets, with massive gains.

DOGE’s surge in 2021, the attention it has received from retail investors, Musk and crypto personalities have made Markus’ twitter account one of the most recognizable and with the most followers. The co-inventor of the Shiba Inu inspired cryptocurrency has had to constantly remind new investors that he is no longer involved with the Dogecoin project.

As he revealed his DOGE holding, far less that what many would have assumed, Shibetoshi Nakamoto claimed the following:

Yet another reminder: I don’t speak for dogecoin. I am not on the project. I am a community member. I hold about 220k doge. I will defend those who I feel are actively making the space better. I will discourage those who I feel aren’t. I will talk about whatever I want.

Markus lives up to the spirit of DOGE, he avoids “entitlement” and claims to be all about this crryptocurrency’s community supported by volunteers. Thus, Markus told his followers that he “will never” go back to coding DOGE, he has been very open on his stance about the crypto industry and related projects:

(…) working on a crypto project is terrible as I have actually found the more you do for people, the more entitled they get and worse they treat you. I respect the developers a lot for volunteering to do so for all these years.

DOGE Advances On The Back Of Its Community?

The Dogecoin project is support via the Dogecoin Foundation, brought back on August 16th, 2021, with the help of Elon Musk, and Vitalik Buterin, the inventor of Ethereum. This non-profit organization published a trailmap for DOGE.

Related Reading | Elon Musk Sells Tesla Shares For $5B. Will He Buy Dogecoin?

Billy Musk is part of said foundation in the role of “community and memes” advisor alongside Jared Birchall, a representative for Elon Musk, Buterin, and Max Keller a Dogecoin core developer. According to the the trailmap, Dogecoin is bound to receive more use cases and implementations in the future.

Source: Dogecoin Foundation

In the meantime, DOGE has been correcting in the 24-hours as the general sentiment in the market turns bearish and major cryptocurrencies bleed into critical support. Dogecoin lost its spot in the crypto top 10 by market cap but remains one of the 20 most valuable projects in the crypto space.

Dogecoin trends to the downside in the 4-hour chart. Source: DOGEUSDT Tradingview

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...