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

Dogecoin 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.”

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’

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