The Fate of Dogecoin Creator’s Fortune After DOGE Lost its All-Time High

Dogecoin creator Billy Markus, also known as Shibetoshi Nakamoto, faced massive financial losses after the value of DOGE dropped from its historic peak in 2021. According to a recent article by Patty360, Markus’ net worth plummeted from $20 million to $1 million by the start of 2022.

DOGE’s Popularity and Musk’s Support

In May 2021, Dogecoin reached a high level of popularity on Twitter and other social media platforms, largely due to the support of Elon Musk, the CEO of Tesla, and other innovative companies. Musk tweeted about DOGE and called it the “currency of the people,” earning himself the nickname “The DogeFather.” Shortly before Musk’s debut on the Saturday Night Live (SNL) show, he tweeted a reference to an iconic movie by Francis Ford Coppola, which sent the price of DOGE soaring to an all-time high of $0.7376 on May 9, 2021.

Markus’ Shrinking Fortune

Although Markus’ net worth surged to $20 million in DOGE during its peak, the subsequent fall in price caused his fortune to shrink significantly. By the start of 2022, Markus’ net worth had dropped to just $1 million. This was due to the decline in DOGE’s value over the following months, which was not helped by Tesla and SpaceX’s decision to add it as a payment option.

Markus Sells Ethereum to Pay Taxes

Despite his losses in DOGE, Markus still held some cryptocurrency, including Ethereum. In mid-January, Markus tweeted that he had to sell some of his Ethereum at $1,190 per coin to pay his taxes for 2022. Markus has mentioned that he has a job and enjoys it, indicating that he does not need to rely solely on his cryptocurrency investments.

Palmer’s Net Worth

Markus’ co-founder, Jackson Palmer, is much less active on Twitter than Markus but has around 44,200 subscribers. According to sources, Palmer’s net worth is estimated to be between $5 million and $1 million, putting him in a similar financial position to Markus as of 2022.

Conclusion:

In conclusion, Dogecoin creator Billy Markus faced significant financial losses after DOGE’s value dropped from its all-time high in 2021. Despite his fortune shrinking from $20 million to $1 million, Markus still held some cryptocurrency and sold some Ethereum to pay his taxes. His co-founder, Jackson Palmer, is also estimated to have a net worth similar to Markus.

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