Dogecoin defies gravity as co-founder, Billy Markus buys doge

Billy Markus, a celebrated co-founder of dogecoin recently revealed via Twitter,  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.

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.