Latest News

Dogecoin Co-Creator Criticizes Other Memecoins, Compares Them to Ponzi Schemes

Billy Markus – co-founder of Dogecoin – doesn’t like other memecoins. In his opinion, the creators of such projects are “trying to get rich” on the backs of individuals seeking quick profits.

‘Memecoins aren’t even memes’

In his most recent tweet, Billy Markus – aka Shibetoshi Nakamoto – was not kind to other memecoins. While its digital currency – Dogecoin – was established as a way of making fun of “stupid coins” and a representation of irony, Shiba Inu and the copycats look like a financial pyramid, he said.

remember that dogecoin was made 8 years ago. like satire. making fun of idiot coins. irony. satire.

today’s “meme” coins aren’t even memes. they are made by people trying to get rich with other people trying to get rich. to each his own, but it’s actually a different thing.

— Shibetoshi Nakamoto (@BillyM2k) February 23, 2022

Markus too accused the memecoin creators of lying about the nature of the projects and making “ridiculous promises” that could attract investors to the scheme. In many cases, these assets aim to catch the eye of Elon Musk, who could later popularize them.

It’s safe to say that Tesla’s CEO has the power to turn the tides in the memecoin space with his posts and statements. In the past year, his words have led to substantial disruptions in the market and affected certain projects multiple times.

Last summer, a tweet of his contained the words “Baby Doge”. His engagement did not impact the price of Dogecoin, but its imitator – Baby Doge Coin. Minutes later, the USD value of the latter shot up 90%.

In September 2021, the entrepreneur announced that he bought a new dog and named him Floki. Shortly after, new tokens containing the same name appeared, as one of them was Floki Inu. Thanks to his newly established connection with Musk, the asset’s price rose 110% in the following hours.

Over Christmas, Tesla’s boss posted a picture of his dog dressed as Santa Claus. Somewhat expected, Santa Floki Coin has become the newest existing memecoin. In the next 48 hours, its price skyrocketed by over 18,000%.

Musk and DOGE

Despite its (unintentional) interactions with other tokens, the first memecoin is Musk’s favorite. He often praises its merits, saying that it is better suited for payments than bitcoin.

In December of last year, he revealed that Tesla will start accepting DOGE as a form of payment for some goods. The token price went north immediately after the announcement.

Almost a month ago, Musk challenged McDonald’s to accept his favorite memecoin as a means of payment. He promised to eat a happy meal on TV if the fast-food chain does.

SPECIAL OFFER (sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off Binance Futures fees for the first month (terms).

PrimeXBT Special Offer: Use this link to register and enter code POTATO50 to receive up to $7,000 on your deposits.

About the author

Archu

I am CBC, I am a Crypto expert and a part-time blogger. I usually write about how and where to buy crypto coins in legit ways.

Leave a Comment

Trade with Binance.US