The co-founder of Dogecoin, Billy Markus, has claimed that 95% of projects in the crypto space are scams. Markus also dismissed the majority of cryptocurrency investors, saying that they promoted scams. The remarks of the Dogecoin co-founder have elicited a heated debate in the cryptocurrency community.
Dogecoin founder claims 95% of crypto projects are scams
The Dogecoin creator released a tweet saying that 95% of projects in the space were worthless, and they have successfully destroyed the reputation of the sector. The negative effects caused by the collapse of these small projects have triggered scrutiny of the few credible projects.
Markus said that the leading players in the traditional financial sector and most internet users who were just learning about crypto deemed the market “garbage” and filled with scams because of bad projects and fraudsters in the sector.
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The tweet by Markus also comes after a massive failure of the Terra network. Terra has been making headlines over the past two weeks after the UST stablecoin depegged. The depegging of the stablecoin crashed the price of LUNA. Any plans made by the Luna Foundation Guard (LFG) to defend the value of the peg have been unsuccessful.
Crypto Twitter reacts to Markus’s tweet
Markus did not give a chance for the crypto community to react negatively to his remarks. “Also note that the only people who are gonna react triggered and lash out to this tweet are the scammers and assholes,” he added.
However, the tweet did spark debate in the crypto community, with several users saying that they agreed to most crypto projects being scams, but other users said that Markus was not totally honest with his opinion because he was the co-founder of a memecoin that triggered the creation of hundreds of copycats.
However, Markus noted that Dogecoin was not created for profit purposes but to mock the state of the crypto market. He also added that he prioritized the quality of a project compared to the quantity.
Tesla’s CEO, Elon Musk, was among those who reacted to Markus’s tweet. Musk, a major proponent of Dogecoin, replied to the tweet with a laughing emoji. Musk has always affected the price of DOGE with his tweets, and in January, he announced that the memecoin would be used to buy Tesla merchandise.
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