Dogecoin Creator Contributed to the Ethereum Rally, Here’s How

Paigambar Mohan Raj

Dogecoin (DOGE) creator Billy Markus took to Twitter and told his followers that he sold “a bunch” of Ethereum (ETH) coins for $1,190. Markus added that the community is “welcome for this rally.”

Markus said that to pay due taxes for the previous year, he sold part of his Ethereum holding. Markus sold his ETH while it was trading at the $1,190 mark. On December 20, Ethereum exchange rates were at that level. The price fluctuated in the $1,170 area for the previous three days, but on December 20, it increased to $1,210. This forced the co-creator of Dogecoin to sell his cryptocurrency a little too soon.

How much did the Dogecoin creator pay for the Ethereum?

One user asked Markus how much he paid to acquire the ETH. To this, Markus replied that he sold some NFTs ( on-fungible tokens). Markus added that the state of “California and the IRS take 53% of the selling price at the exact moment of sale.”

Markus tweeted at the very beginning of February 2022 that he had transferred three NFTs from the collection he had assembled on OpenSea. They had a floor price of $0.088 ETH per unit.

Ethereum (ETH), and the larger crypto market, opened the day on a positive note. At press time, ETH was trading at $1,396.51, up by 4.7% in the last 24 hours. On the other hand, Dogecoin (DOGE) was trading at $0.078554, up by 2.2% in the same time frame. However, the token is down by 89.3% from its all-time high of $0.731578.

Nonetheless, Dogecoin is surrounded by rumors about Elon Musk sidelining the token for use on Twitter. According to reports, Twitter is working on its coin for tipping and purchasing. However, it does not mean that DOGE will be out of the picture altogether. DOGE may be accepted to purchase Twitter coins in the first place.