Why Dogecoin Founder Sold 'A Bunch' Of His Ethereum Holdings And Missed Out On Market Rally

Dogecoin DOGE/USD founder Billy Markus, popularly known as Shibetoshi Nakamoto, recently sold his Ethereum ETH/USD holdings at $1,190 in order to cover potential 2022 taxes. 

What Happened: Markus jokingly said that “so everyone, you’re welcome for this rally”— since he couldn't join in because had sold off all of his ETH holdings. 

At the time of writing, ETH was up 5% in the last 24 hours, trading at $1401.

A crypto Twitter inquired how he owed taxes despite the crypto markets turning red in 2022. To this, Markus responded by saying: “I sold NFTs, you always owe taxes if you do commerce in crypto but I owed more than my crypto was worth so I actually made negative money.”

i sold NFTs, you always owe taxes if you do commerce in crypto

but i owed more than my crypto was worth so i actually made negative money

— Shibetoshi Nakamoto (@BillyM2k) January 12, 2023

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Another Twitter user “Elon Artist” asked at what price did Markus buy ETH that he sold away?

Markus responded, “I didn’t buy any, I sold NFTs, California and the IRS take 53% of the selling price at the exact moment of sale”

Price Action: ETH was trading at $1,398, up 5.11%. DOGE at $0.07, up 2.72%  in the last 24 hours, according to Benzinga Pro.

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