Investing.com UK - Financial Markets Worldwide
Get 40% Off
Get 40% Off
These stocks are up over 10% post earnings. Did you spot the buying opportunity? Our AI did.Read how

Dogecoin Moves 3% Higher As Billy Markus Jokes, 'I Literally Invented Meme Coins'

Published 20/03/2024, 20:08
© Reuters. Dogecoin Moves 3% Higher As Billy Markus Jokes, 'I Literally Invented Meme Coins'

Benzinga - Dogecoin (CRYPO: DOGE) bounced back with a 3% single-day gain, as the inventor stresses that these new meme coins are nothing more than random creations.

What Happened: Billy Markus, also known by the pseudonym Shibetoshi Nakamoto on X, recently shared on the platform that creating meme coins takes nothing more than a few cents and a couple of seconds. He underscored there are no developers or teams behind these coins, and as such, he has no plans to invest in any of them.

In a humorous tweet, Markus wrote,

In another tweet, Markus quipped that “crypto sure is awesome if you enjoy poor mental health.” He also shared a short video posted on X, seemingly questioning the mindset of crypto holders and what it feels like to “hold crypto.”

Markus, along with Jackson Palmer, created the iconic meme cryptocurrency Dogecoin as a fun side project from his home.

Why It Matters: IntoTheBlock data reveals that Dogecoin’s large transaction volumes have surged by 92.8% to $5.29 billion, while daily active addresses have increased by 13.5% to 199,190. In contrast, Shiba Inu, the other leading meme coin, currently shows negative trends for both these metrics.

Crypto trader Cantonese Cat recently highlighted Doge’s monthly technical chart on X, showing the “price stuck between monthly Tenken (red) and monthly Kijun (blue), with a bullish Tenken-Kijun cross happening this month, favoring a likely bullish continuation.”

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Another trader, TheCryptoBull tweeted,

Elon Musk highlighted last week Tesla may consider using Dogecoin in the future.

Read Next: Dogecoin Whale Transactions Surge 93% As 7% Price Drop Leaves Traders Unfazed: ‘Strong Times Ahead’

Photo: Shutterstock

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.