In this article, we are going to go over a tweet from one of Dogecoin founders, which claimed that 95% of cryptos are fraudulent and Elon Musk replied.
According to Billy Markus, the co-creator of DOGE, 95 percent of cryptocurrency projects are fraudulent. His moaning even caught the attention of Elon Musk. Despite his no longer being involved with the memecoin he helped create, Markus is notorious for his inflammatory and often sarcastic tweets on Twitter.
95% of cryptos are fraudulent according to Dogecoin founder
He previously suggested that Shiba Inu’s metaverse project (SHIB), DOGE’s primary competitor, would be a hoax. Now, the software engineer is broadening his criticisms to the entire cryptocurrency market, specifically targeting 95% of it.
“The reason why people think crypto is 95% scams and garbage and most crypto people are assholes is because crypto is 95% scams and garbage and most crypto people are assholes
let’s change that. it starts with you – what you support, and how you behave.”
For Markus, the way most crypto projects are created and how most people get involved with it “junk” end up damaging the sector as a whole. The DOGE founder’s recent controversial tweet comes shortly after Terra’s ecosystem crumbled. Last week, trillions of dollars vanished from the market, causing financial losses for many users, when Luna and UST tokens collapsed. This has generated greater concern among regulatory bodies, particularly with stablecoins, as the incident has spread throughout the world.
The engineer anticipated a controversy, so he added:
“Also keep in mind that the only people who will react and attack this tweet are the scammers and the idiots.”
The post has more than 1,800 comments as of this writing. Many users agree with this idea, whereas others claim that Markus is hypocritical. Dogecoin, while being a meme coin, has a market value of billions of dollars. Its success has prompted the development of numerous meme currencies in recent years.
also note that the only people who are gonna react triggered and lash out to this tweet are the scammers and assholes
— Shibetoshi Nakamoto (@BillyM2k) May 17, 2022
In that regard, the engineer always made clear to customers that DOGE was intended as a joke about the state of cryptocurrency. Which, according to Markus, has a plethora of useless projects. However, the Dogecoin team has produced fascinating innovations for the sector, such as the ability to conduct transactions with the asset without being online.
Elon Musk reacts
Elon Musk reacted to the DOGE founder’s tweet with an enigmatic laugh emoji, implying that he was mostly responsible for Dogecoin’s success and subsequently meme currencies as a whole. Elon Musk has previously spoken with Dogecoin’s creator on Twitter. The billionaire predicted last week that his work may become a type of payment that is accepted all around the world. This might be helped by the fact that Tesla started accepting DOGE for some merchandise and the fact that Elon Musk is considering Dogecoin as a payment method for Twitter Blue.
— Elon Musk (@elonmusk) May 16, 2022
As Mr. Musk is in preparation to finalize the purchase of Twitter, he inevitably influenced many to trust DOGE more and more. At first Elon Musk, started publishing strange posts on Twitter, which in a way were to promote Dogecoin. The Tesla boss, in his Twitter style, started writing about the cryptocurrency without much context. Musk’s posts sparked a veritable frenzy. This caused the coin’s price to soar upwards back in 2021. He is still a supporter of the memecoin and he will not be selling his DOGE anytime soon, so making it a part of companies he is involved in is a natural decision.
DOGE was trading at $0.0873, up 2.11% in the last 24 hours according to TradingView.
We hope that you enjoyed this article on Dogecoin founder claims 95% of cryptos are fraudulent. If you did, you might also enjoy reading will Elon Musk lift Trump’s Twitter ban, or 5 most common crypto myths and facts.