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One of DogeCoin’s co-creators, Billy Markus, has just invested in his own created cryptocurrency after almost eight years of hesitating to make any crypto purchase.
Billy Markus revealed details about the investment on his social media accounts, saying that he has finally decided to engage with meme-based cryptocurrency that he took part to develop after stopping himself for almost eight years. This sudden decision might have been planned beforehand, as many popular celebrities, such as Elon Musk and others, have been actively taking part in the promotion of DogeCoin.
Crypto Market Crash
Markus’s decision came forthright after the massive crypto market crash that had its effect on almost every single cryptocurrency topping the charts. The effects of the crash took a serious toll on the meme currency, dropping almost a whopping 70% in value, now trading at a low of just $0.21 from the high of nearly $0.70. The crash proved that even such a person like Elon Musk could not stop the currency from dropping to such lows because when the market crashes, it doesn’t see around and takes all currencies with it. So, it was the right time for Markus to invest in crypto.
Further drops?
Taking the same concept, an anonymous crypto analyst has predicted that the value of the meme currency is dropping even further, and it is ‘supposed to do that. His predictions about the drop of DogeCoin mostly highlight the head and shoulders pattern that the currency has started to show up.
Elon Musk’s influence on Doge
The growth in the interest of the meme coin is mostly boosted by the Billionaire Entrepreneur, CEO of Tesla and SpaceX, Mr Elon Musk. Elon has been actively taking part in the promotion of Doge, previously posted out multiple tweets promoting the currency. During a Saturday Night show, Elon said that Doge has great amounts of activity surrounding it.
His continued promotion made people believe that he is getting some benefit for promoting the currency, with some people giving him titles like the ‘DogeFather’, but when asked about the active marketing and treating the meme coin like his own company, Elon addressed the question by saying that he has no bigger influence in the company and that no one reports to him, so that is why he cannot participate in crucial activities and decisions.
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