DOGE Co-Creator Bashed Memecoins, Compares Them To Ponzi Scheme

Billy Markus, the DOGE co-creator bashed memecoins and even compared them to Ponzi schemes saying they operate as financial pyramids so let’s find out more of what he had to say, in our latest dogecoin news.

The DOGE co-creator bashed memecoins and it is not really keen on other meme coins. The creators of such projects are trying to only get rich on the back of individuals that are looking for faster profits. In the recent tweets, Markus based other memecoins. While his digital currency Dogecoin was established as a way to make fun of the coins and represent his irony, Shiba Inu and other copycats look like a financial pyramid he said.

remember dogecoin was made 8 years ago. as satire. making fun of the idiotic coins. irony. satire.

current “meme” coins aren’t even memes. they’re made by people trying to get rich off of other people trying to get rich. to each their own, but it is indeed a different thing.

— Shibetoshi Nakamoto (@BillyM2k) February 23, 2022

Markus accused the creators of memecoins of lying about their project’s nature and making ridiculous promises that can lure investors into schemes so in most cases the assets aim to grab the attention of Elon Musk that popularizes them. It is safe to say that the Tesla’CEO has the power to change the tides in the memecoin space with the posts and statements. His words even led to major disruptions in the market and affected the projects plenty of times.

Last summer, a tweet from Musk contained the words “Baby Doge” and his engagement didn’t impact the DOGE prices but it did for the copycat, Baby Doge coin. A few minutes later, the latter’s USD value surged by up to 90%. the entrepreneur announced he purchased a new dog back in September and he named it Floki. After that, the new tokens containing the same name emerged as FLoki Ini so thanks to the connection with Musk, the asset’s price surged by 10% in the hours to follow.

Tesla’s Boss uploaded a picture of his dog dressed as Santa Claus and then Santa FLoki Coin emerged, becoming the new memecoin into existence. In the next 48 hours, the price surged by 18,000%. Despite his unintentional interactions with tokens, the first-ever memecoin is still Musk’s favorite. He often praised its merits and said it I much better suited for payments than Bitcoin.

In December he revealed that Tesla will start accepting DOGE as a payment method for merchandise and then the token was headed north right after the announcement. A month ago, Musk challenged Mcdonald’s to accept DOGE as a means of payment and promised to eat a happy meal on TV If the restaurant does so.