Dogecoin co-founder calls 95% of crypto projects scams and garbage

Billy Markus, the co-founder of Dogecoin, called 95 per cent of cryptocurrency projects “scams and junk” in a tweet pushing his followers to alter the public’s perception of the cryptocurrency sector.

According to Markus’ tweet, cryptocurrencies have had a terrible name since their debut, with many individuals, particularly conventional financial players, using pejorative phrases to characterize the asset class.

Elon Musk, the CEO of Tesla, responded with a “rolling on the floor laughing” emoji in response to Markus’ post, which the latter praised as very smart.

Markus added to his initial tweet by saying that those who would be “triggered” and “lash out” in response to his message are “scammers.” As predicted, the statement triggered a Twitter dispute among members of the crypto community.

While some people agreed with Markus, others accused him of lacking self-awareness due to his role as co-founder of the Dogecoin, which has spawned a slew of fake cryptocurrencies.

Markus justified himself by claiming that Dogecoin was developed for “satire” and that he places a premium on quality above quantity.

Markus’ remarks come when the cryptocurrency sector is rife with fraudulent enterprises. Many of these initiatives are started by persons looking to earn a fast buck and then vanish.

The Dogecoin co-remarks founder’s come after the price fall of Terra’s LUNA token and its sibling stablecoin, UST.

Billy Markus recently referred to Terra’s Do Kwon as one of the “tech bros,” prompting Kwon to ban Markus on Twitter.

Investors have lost billions of dollars due to the LUNA and UST crises. Due to the recent house invasion by an accused LUNA investor, Terra founder Do Kwon is now seeking police protection.

Meanwhile, the Twitter feud had minimal impact on Dogecoin’s price. DOGE is presently trading at $0.09 (approximately Rs. 7) worldwide, down 17 per cent week-to-week.