„True value“ – Dogecoin founder writes open letter to crypto community
The rapid rise in the price of DOGE has even its former founder doubting the value of the „joke cryptocurrency“.
Dogecoin founder Billy Markus ranks the „true value“ of Dogecoin in an open letter to the crypto community. Although he himself sold all his shares in 2015 for the equivalent of a medium-sized used car, his sadness over the missed opportunity is limited, which is why Markus now wants to convey his Bitcoin Lifestyle attitude towards the dogcoin to new DOGE investors. As a reminder, the Dogecoin has made an astronomical gain of 900% in recent weeks as part of the GameStop affair.
In his open letter, the former founder traces the origins and history of the cryptocurrency, which was actually launched by him in 2013 just as a joke.
As Markus explains, he resigned from the crypto project in 2015 because there was hostility against him in the community and he generally could no longer identify with the direction the project was taking. In the same year, he also experienced personal financial hardship after being laid off, which is why he sold all his shares in DOGE:
„I sold and gave away all my crypto assets in 2015, because my savings started to dwindle at that time due to my termination. However, the most I made with it was the equivalent of a used Honda Civic.“
Although the former founder would currently have made a much higher profit with these funds, he does not mourn the premature sales. Rather, Markus takes the rapid rise of the Dogecoin as an opportunity to ponder its „true value“. In this regard, he expresses that it is „incomprehensible“ to him that a joke cryptocurrency with a market value of 1 US dollar would have a higher market value than some of the largest companies in the world:
„We are now discussing Dogecoin going to US$1. This would give it a greater market value than huge companies that provide products and services to millions of people, I’m thinking of companies like Boeing, Starbucks, American Express and IBM. Does the Dogecoin deserve this? That’s a question beyond my understanding that I can’t answer.“
He therefore sees the „True Value“ of the Dogecoin rather in the community’s interaction with the cryptocurrency. As long as this community lives fun, friendliness, joy, charity, creativity and craziness, this would be „the true value of the DOGE“.
Musk had already jokingly been elected
Mark’s open letter comes at a time when interest and speculation in Dogecoin is all the rage again. Just after Tesla CEO Elon Musk tweeted on 4 February that the DOGE is „the cryptocurrency of the people“, its price rose by 50%. In 2019, Musk had already jokingly been elected „boss“ of the project, which is why he subsequently referred to himself as the „former CEO of Dogecoin“. The carmaker has now even transferred his enthusiasm for the „dog“ to his nine-month-old son.
Billy Markus is, however, somewhat irritated by the hype surrounding his „joke“: „It’s a strange feeling that a project I only worked on for a few hours has now become such a big part of net culture.“
In conclusion, the crypto veteran addresses a warning especially to all newcomers therefore:
„Educate yourself as best you can on how cryptocurrencies work and how cryptomarkets work. Never risk more than you can lose with a clear conscience. Be careful and mindful. Good luck!“