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