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 initiatives within the trade are nothing however scams and rubbish with no actual worth to supply.

Markus: 95% of Crypto Projects are Scams

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

According to Markus, high conventional monetary gamers and most mainstream web customers have labeled the complete digital asset panorama as “garbage” and a rip-off as a result of of the existence of dangerous gamers and initiatives inside the area.

the explanation why folks assume crypto is 95% scams and rubbish and most crypto individuals are assholes is as a result of crypto is 95% scams and rubbish and most crypto individuals are assholes

let’s change that. it begins with you – what you help, and the way you behave.

— Shibetoshi Nakamoto (@BillyM2k) May 16, 2022

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

Crypto Twitter Responds

Knowing that his assertion can be controversial, Markus added, “Also note that the only people who are 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. While 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 tons of 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 initiatives within the trade. 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 otherwise from others. The billionaire, identified for affecting the market together with his DOGE posts, discovered Markus’ tweet very humorous and replied with a rolling on-the-floor laughing emoji.

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