Billy Markus, the co-founder of Dogecoin, claims that 95% of cryptocurrency projects are fraudulent. He had recently said that Shiba Inu’s metaverse project would be a hoax. Markus is known for passing controversial and sarcastic statements on Twitter about cryptocurrency.
His latest statement got an enigmatic laugh emoji from billionaire crypto enthusiast Elon Musk. The Tesla CEO had last week told Markus that his creation, the meme coin Dogecoin, has the potential to emerge as a form of payment around the world. Markus held nothing back in his latest tweets. He believes the reason why people think that crypto is 95% scams and garbage because crypto is 95% scams and garbage. The meme coin co-founder wants to bring about a change. He told Twitter users that it begins with them – what they support and how they behave.
Markus said that the way most crypto projects are developed and how most users get involved, end up hurting the entire industry. His latest statements follow the collapse of Terra’s ecosystem, mainly the crash of stablecoin UST. Just within two weeks, billions of dollars were wiped out across the crypto market. This has sounded alarms around the world, calling for heightened regulation.
Markus further argued that the only people who will react and attack his tweet are the “scammers and the idiots”. His tweets garnered more than 1,800 responses with many users agreeing, while others pointed out that the meme coin was being hypercritical. Markus has always maintained that Dogecoin was created as a joke, but now has a market cap of billions of dollars. The meme coin’s success spurred the creation of other meme cryptocurrencies like Shiba Inu. Markus has time and again reiterated that the crypto market is full of useless projects.