In a recent Twitter exchange, Dogecoin's creator, Billy Markus, defended his cryptocurrency creation, which he claims he built in just a few hours. It later reached a staggering $90 billion market cap for a day, 8.5 years after he left the project. The conversation started when entrepreneur and investor Anthony Pompliano questioned whether there were any examples of a $1 billion business built without employees.
Markus was quick to respond, sharing the story of Dogecoin, the popular meme-based cryptocurrency he co-founded in 2013. However, another Twitter user, Pjb, challenged Markus by suggesting that Dogecoin was merely a copy and paste of Litecoin, another well-known cryptocurrency. Markus fired back, defending his creation by drawing an analogy between the user's tweet and using an already-created keyboard.
i made a cryptocurrency in a few hours and left the project and it was trading at 90 billion dollar market cap for a day 8.5 years later
— Shibetoshi Nakamoto (@BillyM2k) April 7, 2023
The Dogecoin creator's defense comes amid recent developments involving the meme-inspired digital currency. Dogecoin gained considerable attention when Twitter changed its logo to the Dogecoin logo, sparking a rally that saw the cryptocurrency gain around 30% in value. However, the price surge was short-lived, as the rally quickly reversed and the value of Dogecoin dropped.
Dogecoin's brief price increase and subsequent decline highlight the volatile nature of the cryptocurrency market, particularly for assets like Dogecoin that lack a solid foundation or real world use cases. While it is true that Dogecoin has generated significant profits for some investors, many experts argue that its success is primarily due to hype and social media influence, rather than any inherent value or utility.
Nevertheless, Dogecoin remains a popular digital asset, with a dedicated community of supporters and investors. The Twitter exchange involving its creator serves as a reminder of Dogecoin's unique and somewhat controversial history.
Alex Dovbnya
Godfrey Benjamin
Dan Burgin
U.Today Editorial Team
Vladislav Sopov