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Shibetoshi Nakamoto’s identity isn’t nearly as well hidden as the still-unknown founder of Bitcoin, but that doesn’t mean that there aren’t questions to be answered about the Dogecoin co-founder, Bill Markus.
While Dogecoin was originally created in 2013 as a joke, the Dogecoin exploded in popularity and became the first memecoin, paving the way for many other meme cryptocurrencies we know and love today.
But there's much more to the story of the co-founder of the original memecoin, which we'll delve into in the following sections of this article.
Key highlights:
- Shibetoshi Nakamoto is the pseudonym used by Billy Markus, co-creator of Dogecoin, the first-ever memecoin.
- Dogecoin was created in 2013 as a joke but quickly became a popular digital currency, thanks to its lighthearted nature and affordability.
- Markus left the Dogecoin project in 2014 due to online harassment but remains a significant figure in the Dogecoin community.
Billy Markus - The man behind Dogecoin
Billy Markus is the man behind the playful Shibetoshi Nakamoto pseudonym - a combination of the Shiba Inu meme and Satoshi Nakamoto. Before bursting onto the blockchain development scene, Markus worked as a software developer at IBM (International Business Machines), where he assisted the company’s web services and cloud computing software.
Billy Markus, aka Shibetoshi Nakamoto made Dogecoin “for fun”
In late 2013, Billy partnered with Jackson Palmer to create the now-famous Dogecoin, which only took them a few hours. At first, this was intended as a joke to poke fun at the volatility of popular cryptocurrencies like Bitcoin. They didn’t think the coin would amount to much, but its lighthearted nature and affordability allowed it to reach a broader audience. Within just a few months after its inception, the Dogecoin website received over one million visitors.
When looking back on the Dogecoin phenomenon, Markus acknowledges the absurdity of it all. In an interview with DailyCoin, he stated:
It’s weird that something I made in a few hours is now part of internet culture.
Brief history of Dogecoin
The original Dogecoin website was as barebones as can be, with comic sans text popping up to brighten the otherwise barren webpage
What many people don’t know is that Dogecoin, the world’s largest memecoin is actually a fork of another serious altcoin, Litecoin. This enabled the Dogecoin network to provide faster and more affordable payments than Bitcoin, contributing to its rising popularity. According to the founders, Dogecoin was intended to make crypto less intimidating, since cryptocurrencies at the time experienced high volatility.
Leaving Dogecoin
Billy Markus decided to leave the Dogecoin project in 2014, due to receiving numerous death threats and online harassment from Dogecoin investors. Along with Palmer, Markus handed off Dogecoin to a team of new developers who continue to improve and innovate the Dogecoin ecosystem to this day. Markus also lost his job around that time, and he sold most of his cryptocurrency to buy a Honda Civic.
Where is Shibetoshi Nakamoto now?
The creator of Dogecoin remains a central figure in Dogecoin’s narrative, despite stepping away from the project. His approach to the creation and management of Dogecoin has influenced the value of transparency, humor, and simplicity in the crypto world.
In addition to being the driving force behind memecoins in spirit, Markus has released several NFT collections on the Ethereum blockchain, showing that he isn’t ready to abandon the world of Web 3 just yet.
Currently, Markus works as a full-time software engineer, stating that he doesn’t have the means to retire.
Dogecoin and Elon Musk
While Dogecoin gained significant traction on its own, there is no denying that Elon Musk was the one who skyrocketed the coin’s visibility, with frequent tweets about Dogecoin often leading to price spikes. Musk has even committed to incorporating Dogecoin into his companies, which further solidified its status. For example, Tesla started accepting Dogecoin as a payment option for their merchandise, which led to a spike in the price of Dogecoin.
As for Elon Musk’s net worth, it has dropped significantly, following his takeover of X (formerly known as Twitter).
The bottom line
Shibetoshi Nakamoto, the playful pseudonym of Billy Markus, is not nearly as mysterious as the Bitcoin founder, but his impact on the crypto world is undeniable. Markus created Dogecoin as a fun, lighthearted alternative to other cryptocurrencies, and despite his departure from the project in 2014, Dogecoin continues to thrive. His creation paved the way for the entire memecoin phenomenon, leaving a lasting mark on both the internet and the crypto space.