Dogecoin Founder Reveals Investment in DOGE and Reiterates Community Support – BeInCrypto

Dogecoin founder Billy Markus has stated on Twitter that he has exactly 220,000 DOGE, equivalent to almost $ 40,000 at the current price.

The statement comes shortly after DOGE announced the cryptocurrency’s first roadmap since its inception in 2013. Markus, who created Dogecoin as a joke, revealed the size of his investment portfolio as a way to defend himself against criticism from that he was manipulating or hindering the development of the coin.

The full message from Markus who is a software developer, dice:

“One more reminder: I am not speaking for Dogecoin. I am not in the project. I am a member of the community. I have about 220,000 DOGEs. I am going to defend those who I think are improving the space and I am going to discourage those who I think are not. And I’ll talk about what I want ”.

Fountain: Twitter

Markus, who introduces himself on Twitter as Shibetoshi Nakamoto (a humorous reference to Bitcoin’s father, Satoshi Nakamoto), was the first creator of a meme cryptocurrency and launched, years before, the wave of dog-based coin creation, of which Shiba Inu and Baby Doge are the best known.

Elon Musk’s gamble spurred adoption of DOGE

Dogecoin’s growth in 2021 was driven by one important factor: Elon Musk’s belief that cryptocurrency has value. The CEO of Tesla has stated several times, on his Twitter account, that DOGE is even better than Bitcoin.

Dogecoin was created in 2013 by Markus and developer Jackson Palmer, who at the time worked at Adobe. At the time, Bitcoin had just emerged, and the technological and economic revolution that cryptocurrency promised was still contained within a small but growing circle of people.

Markus recounted the DOGE story in an interview with Business Insider given just after one of Elon Musk’s early speeches that boosted the price of the coin, in April. It says that at that time a lot of new cryptocurrencies appeared, all of them a copy of the Bitcoin protocol and without presenting any new features.

His expectation, according to Markus, was to take advantage of the Bitcoin revolution and add value, generating easy money for its creator. The developer, looking at this context, created Dogecoin as a parody of that scenario, a cryptocurrency that, like the others, was a copy of Bitcoin, but did not take itself seriously.

DOGE survived many winters that froze its competitors. And the secret was precisely his irreverence. Dogecoin, unlike Bitcoin, does not have a maximum currency limit, something that prevents the price from being overvalued and, at the same time, contains the volatility of its value.

Dogecoin was an island of stability at a time when stablecoins or the facilities offered by exchanges current did not exist. Someone who needed to hide from market volatility in more unpredictable periods could not convert their assets to USDT, BUSD or DAI as they did not exist, or withdrawing to fiat currency, a very slow process in those days.

It was this stability that caught the attention of Elon Musk and several others, who point out that DOGE’s relative stability is an asset that makes it a better means of payment than Bitcoin. The world’s largest cryptocurrency, it should be remembered, was approved by Musk as an alternative form of payment for Tesla products and, weeks later, disallowed by the CEO on the grounds that it would be “very polluting.”

The cryptocurrency bets on the future

Musk’s love for Dogecoin, however, remains unshakeable. The cryptocurrency announced, at Christmas 2021, the first roadmap in its history for the following year, certainly encouraged by Musk.

Dogecoin’s plans are ambitious for a project that had never cared about innovation. By the end of 2022, the meme cryptocurrency has eight goals, ranging from revamping its official page until creating staking with DOGE and support non-fungible tokens (NFT) on the network, something that has already been tested, although the blockchain it has no integration with smart contracts. Markus considered this feature one of the most important for the network.

Markus’ statement seems to indicate that the developer is betting on the design of Dogecoin and does not intend to get rich from market manipulation. The CoinMarketCap data indicate that Dogecoin’s top ten HODLers own 42.5% of the cryptocurrency supply, and Markus’s supposed 220,000 isn’t enough to put him on the top 20 wallet list.

The criticism is similar to that received by Elon Musk, who is accused of using his influence on Twitter to manipulate the price of DOGE in his favor.

However, these speculations made Dogecoin better known and it had a great year regardless of its price. In 2021, the cryptocurrency meme was accepted as a form of payment in several companies, such as Burger King. Tesla itself plans to integrate the cryptocurrency soon.

Dogecoin appreciated in 2021

According CoinMarketCap, Dogecoin is the twelfth largest cryptocurrency in the world, with a market capitalization of $ 24 billion. Trading at $ 0.19 at the time this article was written, DOGE has depreciated 1.2% in the last 24 hours.

The cryptocurrency reached its all-time high on May 8, 2021, when it was trading at $ 0.7376, 75% more than today. However, the same price is 212,216.51% higher than the low of $ 0.00008547 recorded on May 7, 2015.


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Dogecoin Founder Reveals Investment in DOGE and Reiterates Community Support – BeInCrypto

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