DOGE Founder Hints US Housing Market May Be Fragile

One of the two creators of the original meme coin DOGE, Billy Markus, has taken to the X app to publish a post about his plans to buy a house in the California state, where he lives.

However, he believes that the housing market could be fragile in the U.S. at the moment, or rather, Markus does not believe in his own luck should he purchase a house. In the X post, he wrote that if he ever decides to buy a house, "most likely the housing market crash will come minutes later."

Still, Markus states that prices for houses in California are quite high as they stand at roughly $2 million for a house under 1,500 square feet.

fortunately i won’t purchase one anytime soon as houses here are 2 million bucks for under 1500 sq feet pic.twitter.com/w9dKGtLYWu

— Shibetoshi Nakamoto (@BillyM2k) October 27, 2023

According to data from Forbes, the average 30-year mortgage rate in the U.S. has risen for the seventh consecutive week and reached 7.79% this week. "Given current rate conditions, it's no wonder that year-over-year existing home sales sagged for the third consecutive month, slipping by 0.7%, with all four major U.S. regions posting declines, according to the National Association of Realtors (NAR)."

At the start of the year, Markus admitted that he and the second co-founder of DOGE, Jackson Palmer, made "next to nothing" on Dogecoin as they only made this meme cryptocurrency as a parody of Bitcoin. But ironically, DOGE became popular.

As for the meme coins that were made later on, Billy Markus stated without naming any particular assets, they were created with a goal to make money for the developers from gamblers.

However, Markus admitted, creators of some meme cryptocurrencies try to give their users some utility.