Dogecoin Co-Founder Lost Millions After DOGE Price Free Fall, His Net Worth Will Shock You
In 2022, Dogecoin, like any other cryptocurrency, lost almost 60% of its value in one year. On March 9, 2023, the cryptocurrency price was around $0.072, down nearly 90% from the May 2021 all-time high of $0.7376. By May 2021, Elon Musk, the CEO of Tesla had helped Dogecoin achieve massive popularity on Twitter and other social media sites.
However, it is still one of the biggest cryptocurrencies and Elon Musk’s acquisition of his Twitter has people talking about “Doge to the moon” again, only to be taken down by the market crash.
Co-founder of Doge, Billy Markus has 2 million followers on Twitter and goes under the handle Shibetoshi Nakamoto. Markus, who’s net worth is closely associated with Dogecoin’s price, has experienced a massive downturn along with the price of Doge. Markus’ net worth was $20 million in 2021 and now as of 2022, his net worth is $1 million.
“Markus’ net worth was estimated to be around $20 million. However, as Dogecoin’s value declined in the following months, so did Markus’ net worth. As of 2022, Markus’ net worth is estimated to be around $1 million.”
Software engineers Markus and Jackson Palmer, who worked for IBM (IBM) and Adobe (ADBE), respectively, launched DOGE, the first of the dog-themed meme coins, in 2013 as a joke, attempting to capitalize on the success of Bitcoin (BTC).
The co-founder of Doge reportedly quit investing in cryptocurrencies in 2013 because he believed it to be nothing more than gambling. In 2015, he received $10,000 for a significant portion of his cryptocurrency. Markus posted in the middle of January that he needed to sell some of his Ethereum for $1,190 per coin in order to cover his 2022 taxes.