Dogecoin Co-Founder Says 95% of Crypto Projects Are Scams, Elon Musk Reacts



Billy Markus, co-founder of the favored memecoin Dogecoin (DOGE), stated the nice majority of cryptocurrency tasks within the business are nothing however scams and rubbish with no actual worth to supply.

Markus: 95% of Crypto Tasks are Scams

In a latest tweet, the Dogecoin creator argued that 95% of cryptocurrencies are nugatory as they’ve succeeded in destroying the popularity of your complete business.

In keeping with Markus, high conventional monetary gamers and most mainstream web customers have labeled your complete digital asset panorama as “rubbish” and a rip-off due to the existence of dangerous gamers and tasks inside the area.

Markus’ tweet comes within the wake of the catastrophic failure of the Terra ecosystem. The undertaking’s woes began when UST depegged from $1, bringing LUNA down with it. All efforts by the Luna Basis Guard (LFG) to defend the digital asset’s peg proved futile because the undertaking subsequently crashed, leaving traders scratching their heads in losses.

Crypto Twitter Responds

Figuring out that his assertion can be controversial, Markus added, “Additionally observe that the one people who find themselves gonna react triggered and lash out to this tweet are the scammers and assholes.”

The tweet, as anticipated, sparked a heated debate amongst members of the crypto neighborhood on Twitter. Whereas some customers have been in help of his opinions, others accused him of missing self-awareness, contemplating that he had co-founded the memecoin that spurred the creation of a whole bunch of ineffective copycats.

In reply, Markus identified that the most well-liked memecoin, DOGE, was created as “satire” to ridicule the state of the crypto market and the prevalence of pointless tasks within the business. He additional emphasised that he prefers high quality over amount.

DogeFather Elon Musk Reacts

Elon Musk, CEO of Tesla and the self-proclaimed DogeFather, reacted fairly in a different way from others. The billionaire, recognized for affecting the market along with his DOGE posts, discovered Markus’ tweet very humorous and replied with a rolling on-the-floor laughing emoji.

Musk is one in every of Dogecoin’s largest influencers, and his electrical automotive firm introduced in January it was enabling DOGE funds for a few of its merchandise.

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