Dogecoin Founder Says Rise of Cryptocurrencies ‘Not Something I Can Understand’

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“People are talking about Dogecoin going $ 1 – that would make the ‘market capitalization’ bigger than real companies that serve millions, like Boeing, Starbucks, American Express, IBM. Does Dogecoin deserve it? That is not something I can understand, much less answer “.”

That’s Billy Markus, co-founder and creator of Dogecoin, the volatile cryptocurrency that has recently sparked tweets from Tesla TSLA, + 0.55% CEO Elon Musk, and billionaire investor Mark Cuban. In an open letter on Reddit this week, Markus wrote about the cryptocurrency that started years ago as a joke.

It went from being a silly joke to something worthwhile for people very quickly, and a community was developing rapidly, with a lot of shady people and a lot of new people, rapidly installing services and infrastructure around it,” Markus wrote. Markus went on to point out that he is not getting rich on Dogecoin, which is up 2,327% in the last 3 months. He claims to have sold all of his Dogecoins six years ago. “I currently have no Dogecoins, except what I have recently been informed of,” Markus wrote in the post. “I gave away and / or sold all the crypto I had in 2015 after I was laid off and scared off my meager savings at the time, enough in total to buy a used Honda Civic.” Similar to bitcoin BTCUSD, -0.64%, Dogecoin is an open source peer-to-peer cryptocurrency. Dogecoin trades under the ticker symbol “DOGE” and features the face of the shiba inu from the popular Doge meme as its logo. See Also: Everything You Need To Know About Clubhouse, The Billion Dollar Social Media App Elon Musk And Other CEOs Are Using. . In a recent interview, Nic Carter, a venture capitalist known for his bullish stance on bitcoin, said that the Dogecoin craze has gone too far and that “retail gamblers are going to lose money.” Dogecoin has dropped 20% since hitting a record high on Monday.