All About DOGECoin and Billy Markus: Dogecoin’s Co-Founder Known as Shibetoshi Nakamoto
DOGE Coin--
When Dogecoin co-founder Billy Markus created DOGE, he had no idea it would become one of the world's most popular cryptocurrencies. What started as a simple joke between friends turned into a billion-dollar phenomenon, uniting the crypto community around the power of memes.
Bitcoin (BTC) and Ethereum (ETH) may represent the future of finance, but DOGE made cryptocurrency relatable to thousands for the first time.
Who is the man behind digital currency's most accessible altcoin? Why did the founder of Dogecoin (DOGE) abandon the blockchain project less than two years into its lifespan?
Here, we answer your questions about the creator of Dogecoin.
Table of Contents
Who Is Billy Markus?
Billy Markus is a software engineer and programmer. Despite a successful professional career, Markus is best known for founding Dogecoin alongside co-creator Jackson Palmer. Within the crypto community, Markus is also known by his social media pseudonym, Shibetoshi Nakamoto (@billym2k).
Early Career
Before entering the blockchain development scene, Markus worked as a software developer for International Business Machines (IBM). At IBM, he assisted with the company’s web services and cloud computing software.
Dogecoin
In late 2013, Billy Markus partnered with Jackson Palmer to create Dogecoin. The cryptocurrency was intended to be a light-hearted alternative to Bitcoin and started as nothing more than a joke between friends. Within its first month, the Dogecoin website received over one million visitors.
What many people don’t know about Dogecoin is that the world’s largest meme coin is actually a fork of a serious altcoin. Markus and Palmer forked the infrastructure of the Litecoin network, allowing Dogecoin to offer faster and more affordable payments than Bitcoin.
Markus and Palmer believed the crypto space was becoming too anxiety-ridden and stressful. With cryptocurrency market caps experiencing emotional rollercoasters due to volatility, the co-founders wanted to make crypto less intimidating.
According to his personal website, Billy Markus left Dogecoin in 2014. After receiving online harassment and death threats from Dogecoin investors, Markus chose to step away from the project. Markus and Palmer handed the future of Dogecoin to a new team of developers who continue to drive the Dogecoin ecosystem.
Around this time, Markus also lost his job and sold most of his cryptocurrency holdings to buy a Honda Civic.
Reflecting on the entire phenomenon, Markus acknowledges its influence and absurdity. He reflects, “It’s weird that something I made in a few hours is now part of internet culture.”
Billy Markus’ NFT Career
Despite stepping away from Dogecoin, Markus hasn’t completely left the Web 3 world. Under his Twitter alias Shibetoshi Nakamoto, the Dogecoin founder has released several NFT collections on the Ethereum blockchain.
Who Leads Dogecoin Now?
If Billy Markus has left Dogecoin behind, who is steering this project toward its future?
Established in 2014, the Dogecoin Foundation was created to advocate for and support the Dogecoin project. A simple yet profound mantra drives the Dogecoin Foundation: “Do Only Good Everyday.” This ethos, deeply embedded in the Dogecoin community’s DNA, guides the Foundation’s endeavors and ensures Dogecoin remains true to its roots in a market plagued with speculative and selfish interests.
The Dogecoin Foundation is led by a team of developers: Jens Wiechers, Michi Lumin, and Timothy Stebbing. Their collective expertise and passion for Dogecoin have remained steadfast through several crypto cycles, giving DOGE holders faith in the cryptocurrency’s future.
Why Does Elon Musk Like Dogecoin?
One of Dogecoin’s most influential supporters is Elon Musk, the founder of Tesla and SpaceX. To Elon, Dogecoin is "the people’s currency" and objectively superior to Bitcoin or Ethereum due to its lower fees and faster transaction times.
Bitcoin’s proof-of-work consensus is also an issue for Elon Musk. After announcing that Tesla would accept BTC payments for their electric vehicles in 2021, Musk retracted this feature on the grounds that Bitcoin was unsustainable, which goes against Tesla’s vision of environmentally friendly transport options. Dogecoin, on the other hand, is less energy-intensive.
Elon Musk’s belief in Dogecoin extends beyond simple statements of support. In 2022, Tesla began accepting DOGE for payments on their site, and Dogecoin holders can also use DOGE to pay for Tesla services at SuperCharger stations.
As expected, Elon Musk’s avid support of Dogecoin has led to several humorous interactions between the two on social media. Notably, Musk’s posts are known to cause significant movements in the price of DOGE.
Most recently, Elon Musk changed the Twitter bird icon to a picture of the Dogecoin logo within the app. This Easter egg excited the cryptocurrency community, who anticipate that DOGE will be integrated into future updates of X, the newly rebranded social media platform.
Since Elon took the reins, Billy Markus has noted that his earnings from the platform decreased significantly. Markus remarked that his payouts were only about a third of what they had been just two weeks prior but acknowledged it as "all magic bonus money," diffusing any potential tension.
Elon responded, lamenting that X's revenue share is still “very much beta code” and expects it to become more stable over time.
How Is Dogecoin Different from Shiba Inu?
While Dogecoin might have been the first canine-themed cryptocurrency, it’s far from the last. Shiba Inu (SHIB) is rapidly establishing itself as a competitor in the meme coin space. The Shib Army is one of the most devout and vocal crypto communities, aiming to replace DOGE as the top meme coin in the industry.
The development and rollout of Shibarium, the Shiba Inu blockchain network, will play a pivotal role in the ongoing DOGE vs. SHIB battle. A dedicated blockchain for the Shiba Inu community is a significant advantage for SHIB and will give Shiba Inu holders native exposure to DeFi within the Shiba ecosystem.
It’s worth mentioning that while Dogecoin released its own network, DogeChain, in 2022, the network has failed to gain significant traction among users.
On the Flipside
Billy Markus stepped away from the Dogecoin ecosystem because he received death threats and harassment from the crypto community. DOGE investors were upset with price volatility and directed their anger at someone who created the digital asset as a joke.
Why You Should Care
Despite its humorous origins, Dogecoin is integral to the cryptocurrency world. Without DOGE, many of crypto’s favorite meme coins wouldn’t exist.
FAQs
How much Dogecoin does Billy Markus own?
Billy Markus claims he sold most of his cryptocurrency in 2015 for roughly the value of a second-hand Honda Civic. In December 2021, he allegedly held around 220,000 DOGE, mostly received from tips through his personal website.
Why did Billy Markus make Dogecoin?
Billy Markus made Dogecoin to make fun of Bitcoin and the cryptocurrency industry’s vision of changing the world. His light-hearted joke became one of the world’s largest cryptocurrencies.
Is DOGE a good long-term investment?
DOGE is a meme coin with a history of dramatic price swings. We recommend conducting thorough research before buying DOGE and objectively considering any investment advice regarding cryptocurrency in general.
Can Dogecoin reach $1?
Dogecoin’s previous all-time high price was $0.73. While a $1 price target is not dramatically distant from previous all-time highs, the cryptocurrency market is extremely unpredictable, and DOGE may never return to these prices again.
Did Elon Musk put money in DOGE?
Yes, Elon Musk vocally supports Dogecoin and has admitted that Tesla owns DOGE. It has not been disclosed exactly how much DOGE Elon Musk or Tesla owns.
