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DOGE Founder Hints US Housing Market May Be Fragile

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Sat, 28/10/2023 - 20:00
DOGE Founder Hints US Housing Market May Be Fragile
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One of the two creators of the original meme coin DOGE, Billy Markus, has taken to the X app to publish a post about his plans to buy a house in the California state, where he lives.

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However, he believes that the housing market could be fragile in the U.S. at the moment, or rather, Markus does not believe in his own luck should he purchase a house. In the X post, he wrote that if he ever decides to buy a house, "most likely the housing market crash will come minutes later."

Still, Markus states that prices for houses in California are quite high as they stand at roughly $2 million for a house under 1,500 square feet.

According to data from Forbes, the average 30-year mortgage rate in the U.S. has risen for the seventh consecutive week and reached 7.79% this week. "Given current rate conditions, it's no wonder that year-over-year existing home sales sagged for the third consecutive month, slipping by 0.7%, with all four major U.S. regions posting declines, according to the National Association of Realtors (NAR)."

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At the start of the year, Markus admitted that he and the second co-founder of DOGE, Jackson Palmer, made "next to nothing" on Dogecoin as they only made this meme cryptocurrency as a parody of Bitcoin. But ironically, DOGE became popular.

As for the meme coins that were made later on, Billy Markus stated without naming any particular assets, they were created with a goal to make money for the developers from gamblers.

However, Markus admitted, creators of some meme cryptocurrencies try to give their users some utility.

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