Dogecoin creator Billy Markus unveils that he’s getting back into crypto after staying on the sidelines for nearly a decade.
Markus tells his 425,900 Twitter followers that he bought the meme cryptocurrency Dogecoin (DOGE) using investing app Robinhood.
“I bought Dogecoin after eight years of vowing never to buy crypto again, an hour ago. I have checked the price seven times so far since then. I was up 10%, and now it’s back to up 3%. Anyway, this seems healthy.”
The DOGE co-founder also says that he’s not looking to sell his new crypto holdings anytime soon.
“In my opinion, gotta let it ride if you really believe in something. HODL.”
While the Shiba Inu-inspired crypto asset was created as a joke in 2013, Markus posits that DOGE has transcended its initial purpose as it gains popularity among retail traders.
“I’m really hesitant to call other projects a scam, and I cringe when I hear people say it. Dogecoin was (and still is) called a scam constantly. Other than actual malicious intentions from the developers, the only real difference between a ‘scam’ and successful coin/token is adoption… Everything is a joke until it actually gets adopted and used and has use/value.”
Earlier this year, the Dallas Mavericks started to accept DOGE payments for team merchandise and game tickets. Top crypto exchange Coinbase has also listed the sixth-largest crypto asset amid growing demand.
As for DOGE’s short-term outlook, veteran trader Peter Brandt sees a bearish pattern forming in its Tether (USDT) base pair.
“Doge DOGE/USDT. Maybe baby.”
According to Brandt’s chart, DOGE is creating a head and shoulders formation, a pattern indicating that a trend reversal is on the horizon. Brandt implies that a move below support of $0.15 should confirm the pattern and start DOGE’s bear market.