The founders of Dogecoin posted a tweet on Thursday about buying Bitcoin for the first time in eight years. The creators of Dogecoin, Jackson Palmer and Billy Markus, sold their original shares right after the creation of Dogecoin and are now active members of the Dogecoin community. The Dogecoin founders observed a healthy trend in the market when the cryptocurrency’s price rose by 7% and 3% a few days ago. The announcement of purchasing cryptocurrency came right after a dramatic drop in the Dogecoin price by almost 10 cents within 24 hours.
In the previous month, the price of Dogecoin had increased to a little more than$0.70. The Dogecoin price spiked sharply when Elon Musk mentioned the cryptocurrency several times during his Saturday Night Live interview. Elon Musk said that the developers of Dogecoin need to work harder to encourage mass adoption of the cryptocurrency. The last crash in the Dogecoin price proved that the meme cryptocurrency of Elon Musk has acquired a wide customer base over time. However, the recent price crash is the most drastic fall of all cryptocurrencies over the last week. Dogecoin has suffered a drop in its value by more than a third of its initial price, but the price is still set on an upward trend, if observed, from an annual perspective. At present, the price of Dogecoin is $0.21.
The core developer team of Dogecoin is currently working on a novel code of fee reduction for the cryptocurrency. The CEO of SpaceX and Tesla said that the new code is an excellent improvement for Dogecoin that will help in making the cryptocurrency more mainstream in use. Dogecoin is known for its low price and huge supply in circulation.
