The founder of Dogecoin, Billy Markus revealed that he sold his stash of DOGE in 2015 for an amount equal to a used Honda Civic.
Markus made the comment in an open letter to the r / dogecoin subreddit earlier this week in which he sought to introduce himself to new members of the community and describe what he believes is the “true value” of DOGE after the mania for Dogecoin which made it gain 900% since the end of January.
In the post, he provided context on the history of Dogecoin, in what appears to be a love-hate relationship since the coin started as a joke in 2013.
Markus claimed that he withdrew from Dogecoin in 2015 due to online harassment from the community and because he felt uncomfortable with the direction the community was taking. During the same year, Markus said that he also had financial problems due to the loss of his job and decided to collect his DOGE:
“I gave away and / or sold all the crypto I had in 2015 after being fired and scared off by my meager savings at the time, enough in total to buy a used Honda Civic.”
The meteoric rise in value seems to mean little to Markus, who questions what the true value of DOGE is. Markus claims that he cannot “understand” discussions of a rally to $ 1, as that would give an unproductive meme coin a market capitalization comparable to many leading US companies..
“People are talking about Dogecoin going to $ 1, which would make the ‘market capitalization’ bigger than real companies serving millions, like Boeing, Starbucks, American Express, IBM. Does Dogecoin deserve it? That is not something I can understand, much less answer. “
Markus claims that the true value of Dogecoin is in the community and its potential to do good. He said that if the community embodies joy, kindness, fun, empathy, creativity and the absurd, that is the “true value of DOGE.”
Markus’ letter follows renewed interest and speculation in DOGE, with the price of the coin increasing 50% after Elon Musk tweeted that it was “the cryptocurrency of the village“on February 4. In 2019, Musk was chosen as the hypothetical CEO by the Dogecoin community in a Twitter Poll and has jokingly referred to himself as the “former CEO of Dogecoin”. On February 11, Musk purchased DOGE for his son so that he could become a “toddler hoddler.” Markus seems to view the interest of the richest man in the world as quite surreal.
“I’m kind of indifferent, but it’s strange that something I did in a few hours is now part of the Internet culture.”Markus said. “It’s fun to see Elon Musk talk about it. It feels silly, but there’s a big outcropping behind it. “