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In the letter
- This week’s Dogecoin frenzy took a toll on its co-founder, Billy Markus, who was the target of harassment.
- Markus did not comment on the nature of the harassment or who was involved.
- Markus’s name is Shibetoshi Nakamoto. It’s a pun on the dog meme (Shiba Inu) with the mysterious founder of Bitcoin, Satoshi Nakamoto.
This week Dogecoin the frenzy had an impact on an unlikely person: its co-founder, Billy Markus, aka Shibetoshi Nakamoto.
Although Dogecoin started out as a joke – a so-called ‘coin’ that takes the form of a cute Shiba Inu, designed to mock Bitcoin knockoffs – this week’s price increase was anything but: Dogecoin’s price rose from around $ 0.01 to over $ 0.04 overnight on January 28. But then he fell back on himself; The current price of Dogecoin is $ 0.027.
Markus tweeted earlier today that he ended his affiliation with the project seven years ago due to harassment from Dogecoin investors; he currently has no involvement in the project. But he took to Twitter today to say he was the target of abuse again this week.
Markus did not comment on the nature of the harassment or who was involved. He just wants people to know “what it is like to have a crowd asking you to do something for them on a project that you are not currently involved in, that you have seen others gain. millions. “
Dogecoin’s success this week came after focused efforts on the r / SatoshiStreetBets subdirectory to jack up the price. Crypto traders on the subreddit mimicked a GameStop-style meme hit from another subreddit earlier this week: the r / Wallstreetbets subreddit. The latter, who describes himself as “like 4chan has found a Bloomberg terminal,” has been the center of action in grassroots efforts to push up the stock prices of video game company GameStop. It did so by frantically buying its stocks, forcing hedge funds to buy even more.
The Dogecoin Frenzy is the second this month; the price increased on January 3. This follows an earlier push before Christmas when Elon Musk tweeted “one word: DOGE.” During this week’s price spike, Musk also tweeted a cover design for Vogue magazine titled “Dogue”.
But Markus is not among those who have profited from the Dogecoin surge this week. He said he sold all of his doges in 2015 “enough money to buy a used Honda Civic”. His net worth is unknown.
Many have participated in the Dogecoin Frenzy, including pornstar and current OnlyFans star Mia Khalifa. But the Reddit and Elon Musk effect didn’t last long: Dogecoin crashed over the weekend. Its current price is $ 0.027.
Warning
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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