One of the original creators of the meme coin DOGE, Billy Markus, recently shared his thoughts on the X app regarding his plans to purchase a house in his home state of California. However, he appears to have reservations about the current state of the U.S. housing market and his own luck in this endeavor.
In his X post, Markus humorously stated that if he were to decide to buy a house, he expected the housing market to crash shortly thereafter.
Despite his apprehensions, Markus acknowledges the steep housing prices in California, where even a modest 1,500-square-foot house can cost a staggering $2 million.
In a tweet, Markus quipped, “Fortunately I won’t purchase one anytime soon as houses here are 2 million bucks for under 1500 sq feet.”
Adding to the complexity of the situation, Forbes reports that the average 30-year mortgage rate in the United States has risen for the seventh consecutive week, reaching a notable 7.79% this week. This surge in mortgage rates has had an impact on existing home sales, with a 0.7% year-over-year decline observed for the third consecutive month. The National Association of Realtors (NAR) noted this decline in all four major U.S. regions.
Reflecting on the origins of DOGE, Markus disclosed earlier in the year that he and the second co-founder of DOGE, Jackson Palmer, initially created the meme cryptocurrency as a parody of Bitcoin, with little expectation of significant financial gains. Ironically, DOGE gained immense popularity.
Addressing the proliferation of meme coins that followed, Markus suggested that many of these cryptocurrencies were created with the primary aim of generating profits for developers from speculative investors. However, he acknowledged that some creators of meme cryptocurrencies have attempted to provide practical utility for their users.