Dogecoin’s price hysteria hasn’t been suitable for the person who started it all: its co-founder, who faces harassment for the second time.
This week’s Dogecoin mania has had a toll on one unlikely person: its co-founder, Billy Markus, aka Shibetoshi Nakamoto.
Though Dogecoin started as a joke or called a “meme coin” that takes the form of a cute Shiba Inu, made to mock Bitcoin knockoffs – its price increase this week was anything, however: Dogecoin’s price shot from around $0.01 to over $0.04 overnight last January 28. But then it fell back on itself; now Dogecoin’s price is $0.027.
Earlier today, Markus tweeted that he had terminated his affiliation with the project seven years ago because of harassment from Dogecoin investors; he has no current involvement in the project. However, he took to Twitter today to say that he was once again the abuse target this week.
Markus didn’t comment on the nature of the harassment or who was involved.
Dogecoin’s success this week came after the concentrated efforts on the r/SatoshiStreetBets subreddit to drive the price up. Crypto traders on the subreddit emulated a GameStop-style meme success from a different subreddit early this week: the r/Wallstreetbets subreddit.
The latter, which describes itself as “like 4chan found a Bloomberg terminal,” was the center of action for grassroots efforts to push the video game company GameStop‘s stock prices higher. It did so by desperately buying its shares, forcing the hedge funds to buy even more.
The Dogecoin mania is the second this year; the price rose last January 3. It followed an earlier boost before Christmas when Elon Musk tweeted, “One word: DOGE.” Musk also tweeted a phony Vogue magazine cover titled “Dogue” during the week’s price boom.
Nevertheless, Markus isn’t one of the people who profited from the week’s Dogecoin surge. He stated that he sold all his doge in 2015 “made about enough to buy a used honda civic.” His net worth is a mystery.
Many have joined in on the Dogecoin mania. But the Reddit and Elon Musk effect did not last long: Dogecoin crashed by the end of the week. Its current price is $0.027.
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