Billy Markus: Dogecoin’s Co-Founder Shibetoshi Nakamoto
Dogecoin--
When Dogecoin co-founder Billy Markus created DOGE, he had no idea that the meme coin would become one of the world’s most popular cryptocurrencies. What started as a simple joke between friends turned into a phenomenon, creating billionaires and rallying the crypto community around the power of memes.
While Bitcoin (BTC) and Ethereum (ETH) are seen as the future of finance, DOGE made cryptocurrency relatable to thousands for the first time.
What do we know about the man behind digital currency’s most accessible altcoin? Why did the founder of Dogecoin (DOGE) abandon the project after less than two years?
Table of Contents
Here are the answers to your questions about the creator of Dogecoin.
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), assisting 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 began as a joke between friends. Within its first month, the Dogecoin website received over one million visitors.
What many people don’t know is that Dogecoin, 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 the Dogecoin network to provide faster and more affordable payments than Bitcoin.
Markus and Palmer believed the crypto space was becoming too anxiety-ridden and stressful. Cryptocurrency market caps were emotional rollercoasters due to crypto’s volatility, and 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 and 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 phenomenon, Markus acknowledges its influence and absurdity. He says, “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, Markus has released several NFT collections on the Ethereum blockchain.
Who Leads Dogecoin Now?
If Billy Markus has left Dogecoin behind, who is leading it towards its future?
Established in 2014, the Dogecoin Foundation was created to advocate for and support the Dogecoin project. The Dogecoin Foundation’s mantra, “Do Only Good Everyday,” guides its efforts and ensures that 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, including Jens Wiechers, Michi Lumin, and Timothy Stebbing. Their expertise and passion for Dogecoin have remained steadfast throughout several crypto cycles, giving DOGE holders confidence in the project's endurance.
Why Does Elon Musk Like Dogecoin?
One of Dogecoin’s most influential supporters is Elon Musk, the founder of Tesla and SpaceX. Musk sees Dogecoin as “the people’s currency” and superior to Bitcoin or Ethereum due to its lower fees and faster transaction times.
Bitcoin’s proof-of-work consensus is also a concern for Musk. After announcing that Tesla would accept BTC payments for their electric vehicles in 2021, Musk retracted this feature due to Bitcoin’s unsustainability, which conflicts with Tesla’s vision of environmentally-friendly transport options. Dogecoin, on the other hand, is less energy intensive.
Musk’s belief in Dogecoin extends beyond simple support. In 2022, Tesla began accepting DOGE for payments on their site. Dogecoin holders can also use DOGE to pay for Tesla services at SuperCharger stations.
As expected, Musk’s avid support of Dogecoin has led to several humorous engagements between the two on social media. Musk’s posts are known to cause significant movements in the price of DOGE. Recently, Musk changed the Twitter bird icon to the Dogecoin logo, causing excitement in the cryptocurrency community, who anticipate DOGE’s integration into future updates of ????, the newly rebranded social media platform.
Billy Markus has noted that his earnings from the platform dropped significantly since Musk took over. Markus mentioned that his payouts were only about a third of what they had been just two weeks prior, but he referred to it as “all magic bonus money,” easing any potential tension. Musk responded, lamenting that ???? 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 was the first canine-themed cryptocurrency, it’s not 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, with visions of replacing DOGE as the top meme coin.
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 gives SHIB a significant advantage and provides 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 Markus, who created the digital asset as a joke.
Why You Should Care
Despite its silly 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 created 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. Thorough research is recommended before buying DOGE, and any investment advice around cryptocurrency should be considered objectively.
Can Dogecoin reach $1?
Dogecoin’s previous all-time high was $0.73. While a $1 target is not dramatically distant from previous highs, the cryptocurrency market is highly unpredictable, and DOGE may never reach these prices again.
Did Elon Musk put money in DOGE?
Yes, Elon Musk vocally supports Dogecoin and has admitted that Tesla owns DOGE. However, the exact amount of DOGE owned by Elon Musk or Tesla has not been disclosed.
