Dogecoin Price Drops on Cofounder's Joke Stimulus Proposal

Dogecoin's price dropped to $0.083 on September 15, as cofounder Billy Markus joked that the U.S. government should give Americans $1.2 trillion worth of DOGE instead of cash stimulus checks.

Markus made this comment in a post on X, reacting to the ongoing debate about $5,000 stimulus checks. The idea was initially met with skepticism, but it has taken on a life of its own, sparking a 7.2% weekly price drop for DOGE.

Despite the decline, whale wallets have continued to accumulate DOGE, adding over 240 million tokens in seven days. This buying activity is seen as a sign of confidence by analysts, but it's also speculative and not guaranteed to lead to a price rally.