Dogecoin Co-Creator Invests in It for 1st Time in 8 Years After Dramatic Price Plunge

Amid a dramatic plunge in the market price, co-creator of Dogecoin Billy Markus invested in the cryptocurrency for the first time in eight years.

Markus, whose online presence lies under the name Shibetoshi Nakamoto, tweeted on Tuesday, "I bought dogecoin after 8 years of vowing never to buy crypto again, an hour ago."

He divulged that the cryptocurrency suffered a market-wide crash that saw the price of dogecoin fall by more than 10 cents in 24 hours, and tweeted, "I have checked the price 7 times so far since then. I was up 10 per cent and now it's back to up 3 per cent."

He added: "Anyway, this seems healthy."

I bought dogecoin after 8 years of vowing never to buy crypto again, an hour ago.

I have checked the price 7 times so far since then. I was up 10% and now it’s back to up 3%.

Anyway, this seems healthy.

— Shibetoshi Nakamoto (@BillyM2k) June 22, 2021

The price of both Dogecoin and Bitcoin has crashed drastically in recent days and experts are seeing it coincide with China's recent cryptocurrency crackdown, as the Chinese Communist Party (CCP) has strongly enforced the increased risk of individual punishment for the ownership of it.

"Virtual currency transactions and speculative activity have disrupted the normal order of the economy and financial [system]," the Central Bank of the People's Republic of China said in a statement on its website on Tuesday. "They increase the risks of illegal cross-border transfers of assets and illegal activities such as money laundering. "

The dominant driver of #Bitcoin right now is the crackdown on mining & trading in China that began in May. This created a forced & rushed exodus of Chinese capital & mining from the Bitcoin network - a tragedy for China and a benefit for the Rest of the World over the long term.

— Michael Saylor (@michael_saylor) June 19, 2021

Dogecoin's fall on the market is the most dramatic of the currencies, but they all have suffered from China's crackdown.

And while the prices are dropping, co-creator Markus is hopeful his investment and purchase of 2,500 dogecoins might instill confidence in the currency once again.

He also took to Twitter to advise Dogecoin holders on what they should and should not do with their crypto when it is not considered valuable.

Perfectly appropriate things to do when crypto is doing the not-good-store-of-value thing:
- hodl
- buy
- sell some
- sell all

Inappropriate things to do:
- blame devs
- blame former devs
- blame elon
- blame anyone else for the speculative risk you took

— Shibetoshi Nakamoto (@BillyM2k) June 21, 2021

He even referred to Elon Musk in the list of "things not to do." The Tesla and SpaceX CEO has been a firm advocate of Dogecoin, even making some references while on Saturday Night Live in early May, and suggesting Dogecoin could one day be used as currency on Mars.

According to The Independent, Musk did mention that Dogecoin would need some improvements before it could be used as a legal tender.

Markus, in an earlier interview with Benzinga in March, said there are "thousands of failed coins in this space that tried to be serious," but what set Dogecoin apart was the fact that this coin had started as a joke.

Still, Markus revealed that in 2015, he had liquidated his cryptocurrency assets and had sold all of his holdings for roughly the amount a used Honda Civic would have gone for at the time, he said.

Newsweek reached out to Billy Markus for additional comment.

Digital Cryptocurrencies
In this photo illustration, visual representations of digital cryptocurrencies, Dogecoin and Bitcoin are arranged on Jan. 29 in Katwijk, Netherlands. Co-creator of Dogecoin Billy Markus recently invested in Dogecoin for the first time in eight years after the market took a drastic decline. Yuriko Nakao/Getty Images