“Crypto Is 95% Scams And Garbage,” Dogecoin Co-Founder Stated

“Crypto Is 95% Scams And Garbage,” Dogecoin Co-Founder Stated

Billy Markus, co-founder of DOGE, caused a heated discussion when he claimed that 95% of cryptocurrency projects are scams. Elon Musk was even taken aback by Markus’s whining.

Markus is recognized for his outspoken and frequently snarky comments on Twitter, despite the fact that he is no longer actively engaged with the famous memecoin $DOGE he helped establish.

He recently stated that Shiba Inu’s metaverse project, DOGE’s main competitor, is a fraud. Now, HE is broadening his critiques to include the whole cryptocurrency market, namely 95% of it.

The way most crypto projects are established, and how most people become involved with this “junk,” according to Markus, end up damaging the overall crypto sector.

The DOGE founder’s most contentious post comes on the heels of Terra’s ecosystem collapsing. Last week’s collapse of LUNA and UST caused billions of dollars to vanish from the market, resulting in financial losses for many traders.

This incident has echoed throughout the world, raising regulatory concerns, notably about stablecoins.

“Also keep in mind that the only people who will react and attack this tweet are the scammers and the idiots,” Markus continued.

In fact, many people agree with this viewpoint, while others accuse Markus of hypocrisy. After all, despite being a memecoin, Dogecoin has a market capitalization of billions of dollars. In recent years, its popularity has inspired the development of various meme cryptocurrencies.

Markus has pointed out that DOGE was founded as a joke about the current state of the cryptocurrency industry. According to Markus, this project features a lot of pointless projects.

Elon Musk, who is often credited for the rise of Dogecoin and meme cryptocurrencies in general, reacted to the DOGE founder’s tweet with an laugh emoji.

This isn’t the first time Tesla’s CEO has used social media to communicate with the DOGE founder. The billionaire told Markus last week that his invention had the potential to become a global payment system.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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