Dogecoin (CRYPTO: DOGE) co-creator Billy Markus has sparked optimism in the Dogecoin community after he revealed he has purchased the meme cryptocurrency on the dip, for the first time in eight years.
What Happened: Markus, who goes by the username Shibetoshi Nakamato on Twitter, disclosed that he has purchased 2,500 of the Shiba Inu-themed coins, adding that it was the first time he bought any crypto since 2013.
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I bought dogecoin after 8 years of vowing never to buy crypto again, an hour ago.
— Shibetoshi Nakamoto (@BillyM2k) June 22, 2021
I have checked the price 7 times so far since then. I was up 10% and now it’s back to up 3%.
Anyway, this seems healthy.
The prices of cryptocurrencies, including Dogecoin and apex cryptocurrency Bitcoin (CRYPTO:BTC), have fallen in recent days amid a growing crackdown on cryptocurrencies in China. Nevertheless, the purchase of the meme coin by Markus could instill confidence among the Dogecoin community.
See also: How To Buy Dogecoin (DOGE)
Markus urged the Dogecoin community to stay positive, noting that good things will happen to an excited community with active people doing things.
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He also advised Dogecoin holders on what they should do and not do when crypto is not considered to be a “good store of value” thing.
Perfectly appropriate things to do when crypto is doing the not-good-store-of-value thing:
— Shibetoshi Nakamoto (@BillyM2k) June 21, 2021
- hodl
- buy
- sell some
- sell all
Inappropriate things to do:
- blame devs
- blame former devs
- blame elon
- blame anyone else for the speculative risk you took
Why It Matters: Dogecoin has shot to prominence this year, buoyed by endorsements from Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk and other celebrities. However, the meme cryptocurrency is down 73.2% from the all-time high of $0.7376 it touched in May.
Markus revealed earlier this year that he sold off his entire cryptocurrency holdings in 2015 for an amount equivalent to what a used Civic car from Honda Motor Co. Ltd. (NYSE:HMC) would cost at that time.
Price Action: Dogecoin is down 27.4% during the past 24 hours, trading at $0.1954 at press time.
Photo by Furtherfield Gallery on Flickr