Dogecoin co-founder Billy Markus believes housing market in California may be fragile. One of the two creators of the original meme coin Dogecoin, 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.
Markus believes that the housing market in the U.S could be fragile at the moment. He fears that as soon as he decides to purchase a house, the housing market might experience a sudden decline.
In the X post on Oct 27, 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 the house prices in California are very high as houses under 1,500 square feet cost about $2 million.
According to data from Forbes, the average 30-year mortgage rate in the U.S. went up for the seventh week in a row 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),” the post continued.
Markus has earlier admitted that he and Jackson Palmer, the other co-creator of Dogecoin, only created Dogecoin as a joke version of Bitcoin. But ironically, Dogecoin became popular.
Reflecting on the multitude of meme coins that followed, Markus shared that many of these assets were created primarily to capitalize on speculative trading.